Mid-wavelength IR (MWIR) thermal imaging spectrometers are widely used in remote sensing, industrial detection, and military applications. The acousto-optic tunable filter (AOTF)-based spectrometer has the advantages of fast tuning, light weight, and no moving parts, which make it ideally suited for MWIR applications. However, when designing an AOTF imaging spectrometer, the traditional method uses a refractive grating or parallel glass model in optical design software to simulate the AOTF, lowering the imaging performance of the optical system. In this paper, an accurate simulating model for an actual MWIR AOTF using the user-defined surface function in ZEMAX is presented, and an AOTF-based MWIR thermal imaging spectrometer is designed and tested successfully. It is based on a MWIR tellurium dioxide (TeO2) AOTF with an operational spectral range from 3.0 to 5.0 μm and a spectral resolution of 30.8 nm at 3.392 μm. The optical system employs a three-mirror off-axis afocal telescope with a 2.4°×2.0° field of view. The operation of the MWIR thermal imaging spectrometer and its image acquisition are computer controlled. Furthermore, the imaging spectrometer is tested in the laboratory, and several experiments are also presented. The experimental results indicate that the proposed AOTF model is efficient, and also show that the imaging spectrometer has the ability to distinguish the real hot target from the interfering target effectively.