To reveal the shape change characteristics during the rolling process of the four-high hot continuous rolling mill, a three-dimensional finite element model was built with the wheel steel 380CL as the sample. The equivalent stress field, strain field, and displacement change of thickness of the wheel steel in each rolling process were analysed, and the field measurement and verification analysis were carried out. Results show that the equivalent stress, strain and thickness displacement of the strip edge gradually increases with the rolling, respectively. Reasonable tension before and after loading can effectively reduce the equivalent stress in the deformation zone and the rolling pressure required during rolling. The difference between the simulated rolling outlet thickness of 7.61 mm and the field measured thickness of 7.69 mm is small, which verifies that the calculation accuracy of the finite element is high. The conclusions obtained in this study provide a basis and reference for the development of similar wheel steel rolling calculation model.