Most oil and gas is transported by pipeline, and corrosion causes a great threat to the service life of the pipeline; bimetallic pipe, which combines the advantages of good mechanical properties, good corrosion resistance, and relatively low price, is a good choice for high-pressure and corrosion-resistant pipe, but its manufacturing process and stress distribution are more complex than single metal pipe. JCO is a widely used cold forming method for pipes which is named by the shape of the plate in the forming process, i.e. J-shape, C-shape and O-shape, and the forming process is an important parameter that determines the level of imperfections and residual stresses in a pipe, and residual tensile stress will accelerate corrosion failure of the pipe. In this study, the three-dimensional (3D) finite element method (FEM) is used to simulate the pre-bending and JCO forming process of a 2205/X65 bimetallic pipe. The model and the simulated results are validated by digital image correlation (DIC) experimental and the opening width of the formed pipe billet, respectively. The influence factors of the stresses are studied. Further, a two-dimensional (2D) model is established to study the characteristics of bimetallic plate bending and the stress distribution at the interface of different materials, and the results are compared with that of three-dimensional model.