The isothermal viscoelastic finite element method is used to simulate and analyze the process of cable coating extrusion, in which the Navier slip model is adopted. The Phan–Thien–Tanner differential viscoelastic constitutive equation is used to describe the flow characteristics of the polymer melt. The polymer material used for simulation is polypropylene. The extrudate swell, velocity field, pressure field and shear stress field are calculated by finite element method. The influences of the gas-assisted extrusion and traditional extrusion on wall slip of cable coating extrusion are compared. The results indicate that the extrudate swell ratio is the largest under the condition of the complete slip between core wire and melt during traditional extrusion process. The increase of core wire dragging velocity can lead to the increase of slip velocity, the decrease of pressure and the increase of shear stress of melt. Gas-assisted extrusion can eliminate the negative effects caused by the slip of core wire or the increase of core wire dragging velocity. Therefore, gas-assisted extrusion can reduce the energy consumption, improve the cable coating layer quality and increase the production efficiency during extrusion process.