Flatness control system is characterized by multi-parameters, strong coupling, pure time delay, which complicate the establishment of an accurate mathematical model. Therefore, a control scheme that combines dynamic decoupling, PI (Proportion and Integral) control and adaptive Smith predictive compensation is proposed. To this end, a dynamic matrix is used to decouple the control system. A multivariable coupled pure time-delay system is transformed into several independent generalized single-loop pure time-delay systems. Then, a PI-adaptive Smith predictive controller is constructed for the decoupled generalized single-loop pure time-delay system. Simulations show that the scheme has a simple and feasible structure, and good control performance. When the mathematical model of the control system is inaccurate, the control performance of adaptive Smith control method is evidently better than that of the ordinary Smith control method. The model is successfully applied to the cold rolling production site through LabVIEW, and the control accuracy is within 5I. This study reveals a new solution to the problem of coupled pure time-delay in flatness control system.