Let $T$ be a solid torus and $K$ be a knot. Suppose $i: T \rightarrow S^3 $ be an embedding of $T$ such that it is homeomorphic to regular neighbourhood of the knot(i.e., thickened knot). Now, how does the complement of this embedding $iT$ look like?
I think it will also be a solid torus, say $T^\prime$, such that the meridian and longitude of $T^\prime$ are longitude and meridian of $T$ respectively.
The only time the complement of a (thickened) knot is a another torus is when the knot is trivial, or the unknot. So if the knot is just a circle, you are right. But for every other knot, there is a lot going on.
By the way, this space you describe is called the knot complement or the exterior of the knot.
What exactly is going on is a current area of research and has many interesting questions. In particular, these manifolds are often hyperbolic and methods from geometry and topology are used together to study them. See wikipedia for some more information.