As a new technology of gear processing, the gear slicing technology has distinct characteristics and broad application prospects. However, the lack in wear and life of the slice tool hinders the further widespread application of the gear slicing technology. Considering the chip forming mechanism is an important basis affecting the wear and service life of the cutter, this paper takes the arc-tooth slice tool with equal-rake angle (ATST-ERA) as the carrier and studies the chip forming and tool wear. Aiming at the particularity of the slicing process, the cutting process is unified and abstracted, and the cutting edge model, the cutting edge race model and the workpiece tooth surface model of the ATST-ERA are established, and then the undeformed chip geometry model is obtained. The correctness of the parametric model of the undeformed chip was verified by comparative analysis. Based on this model, the load of the cutting edge is calculated using the Kienzle empirical formula of the cutting force. By analyzing the relationship with the wear of the rake face, the positive correlation between the cutting edge load and the rake face wear of the ATST-ERA is found. The chip forming modeling method proposed in this paper provides a theoretical basis for the control of the slicing chip forming and the improvement of tool wear.