Multiple cold expansion holes are widely used in connection areas of aircraft structures, in order to achieve uniform load transfer of the skin or connection parts. Split sleeve cold expansion (SSCE) is widely used to enhance the fatigue life of fastener holes by applying compressive residual stresses around the holes. In this study, the finite element method (FEM) was used to research the distribution and variation of residual stresses along the hole edges of 7075AA single-hole and multi-hole cold expansion (CE) specimens. Full-field strain measurements of single-hole and multi-hole specimens were performed using two-dimensional digital image correlation (DIC), and the residual stress and strain at the hole edge of the specimens measured by FEM and DIC were compared. FEM results shows that the maximum circumferential and radial residual stresses of three-hole specimens with three-hole spacing are increased by 5.37% and 31.53% compared with single-hole specimens. The maximum circumferential residual stress of three-hole specimens with four-hole spacing increases by 7.25% compared with a single hole, but the radial residual stress decreases by 12.98%. In addition, for three-hole specimens with hole spacing three times the hole diameter, the strengthening effect of SSCE in the order of middle hole, then left hole, and, finally, right hole is better than that of SSCE in the order of left to right hole. FEM and DIC full-field strain results are basically consistent.