Zr alloys are commonly used in manufacturing of important components of nuclear power equipment. In order to improve product quality and prolong die life of sheet metal blanking of domestic Zr alloys, the effects of blanking under different blanking clearances were studied by finite element simulation software based on the characteristics of high cost and obvious anisotropy of sheet metal of Zr alloy. Then, material parameters of domestic Zr alloys were measured by test, the changing trend of the blanking force, the work of blanking and sectional quality of workpiece with the change of blanking clearance were simulated by finite element simulation software in blanking. Furthermore, the values of reasonable blanking clearance and influences of coefficients of thickness anisotropy on reasonable blanking clearance and sectional quality were researched, and the validity of simulation results was finally analyzed and verified by the analysis of crack propagation orientation and section analysis of material objects. The results indicate that the reasonable blanking clearance is 0.035 mm for Zr alloy sheet of 0.47 mm. The thickness anisotropy coefficient has no effect on blanking clearance, but influences the qualities of workpiece cross section obviously.