A type of novel projection-based, time-segmented reduced order model (ROM) is proposed for dynamic fluid-structure interaction (FSI) problems based upon the arbitrary Lagrangian–Eulerian (ALE)-finite element method (FEM) in a monolithic frame, where spatially, each variable is separated from others in terms of their attribution (fluid/structure), category (velocity/pressure) and component (horizontal/vertical) while temporally, the proper orthogonal decomposition (POD) bases are constructed in some deliberately partitioned time segments tailored through extensive numerical trials. By the combination of spatial and temporal decompositions, the developed ROM approach enables prolonged simulations under prescribed accuracy thresholds. Numerical experiments are carried out to compare numerical performances of the proposed ROM with corresponding full-order model (FOM) by solving a two-dimensional FSI benchmark problem that involves a vibrating elastic beam in the fluid, where the performance of offline ROM on perturbed physical parameters in the online phase is investigated as well. Extensive numerical results demonstrate that the proposed ROM has a comparable accuracy to while much higher efficiency than the FOM. The developed ROM approach is dimension-independent and can be seamlessly extended to solve high dimensional FSI problems.