Thermal simulation on rolling of TZM alloy slab produced by PM was researched using Gleeble-1500 thermal\|mechanical simulator. The testing programs were performed using rectangular sample with the size of 10 mm×15 mm×20 mm at 11501300 ℃ , the deformation degree of 50％ and the deformation rate at 1,3,5 s-1 respectively. The relationship between rolling parameter (deformation temperature, deformation degree and deformation rate) and deformation resistance of TZM alloy slab were researched. The results indicate that rolling deformation resistance is decreased with the increasing of the temperature, and increased with the increasing of the rate of deformation and deformation degree. Meanwhile, microstructure before and after deformed was analyzed combining with rolling parameters. The analysis shows that the cavities located in metallographic structure are disappeared and the density is increased with the increasing of deformation degree. The texture is elongated and the grain size is evened out with the increasing of the rate of deformation.