The residual stress of part formed by rotary wheel drawing rolling process is relatively large, which seriously affects its service life. Therefore, in order to solve this problem, the finite element analysis of rotary wheel drawing rolling process was conducted by using ABAQUS/Explicit, and for Q235 steel, the finite element numerical model of rotary wheel drawing rolling was established by single factor control method. Then, the formation process of stress and its distribution law were analyzed, and the influence laws of different feeding ratios, reduction amounts and main spindle rotation speeds on the triaxial residual stresses of formed parts were investigated. Furthermore, by comparing the test data with the simulation results, the accuracy of the simulation settings was verified. The results show that during the rotary wheel drawing rolling process, the stress at the contact point between rotary wheel and tube blank is the largest, the axial stress in the deformation zone is expressed as tensile stress, the tangential stress is expressed as tensile stress and compressive stress alternately, and the radial stress is expressed as compressive stress. The triaxial residual stresses(axial, tangential and radial directions) of formed parts after rolling increase with the increasing of feeding ratio, reduction amount and main spindle rotation speed. The error between the simulation and test results is less than 5%, which verifies the reliability of the simulation results.