Flatness and surface quality are important quality indexes of strip steel, and roll wear will directly affect the product's flatness and surface quality. Online roll profile measurement technology can obtain the information of roll profile in real time, guide the optimization of roll change rhythm, and improve the flatness control ability of rolling mill and surface quality of strip product. However, the error caused by roll displacement, clearance, roll thermal crown, and other factors is usually the same order of magnitude as the roll shape or roll wear, or even one order of magnitude higher. So error compensation is the key to ensuring the accuracy of online roll profile measurement. Herein, the position measurement technology of the roll bearing block is considered in the online roll profile measurement, and the measurement error caused by the deviation of the roll axis is separated. The thermal crown model is established to separate the measurement errors caused by the thermal crown. The error compensation model of online roll profile measurement is established, and the simulation calculation is carried out. This error compensation method is of great significance to improve the accuracy of online roll profile measurement and realize the fine management of mill roll in service.