Controlling the looper height and strip tension is important in hot strip mills because these variables affect both the strip quality and strip threading. Many researchers have proposed and applied a variety of control schemes for this problem, but the increasingly strict market demand for strip quality requires further improvements. This work describes a dynamic matrix predictive control (DMC) strategy that realizes the optimal control of a hydraulic looper multivariable system. Simulation experiments for a traditional controller and the proposed DMC controller were conducted using MATLAB/Simulink software. The simulation results show that both controllers acquire good control effects with model matching. However, when the model is mismatched, the traditional controller produces an overshoot of 32.4% and a rising time of up to 2120.2 ms, which is unacceptable in a hydraulic looper system. The DMC controller restricts the overshoot to less than 0.08%, and the rising time is less than 48.6 ms in all cases.