In the vertical hot ring rolling (VHRR) process, roundness, outer radius, and width spread are three important indexes to the formed ring's dimensional precision. In this paper, features of the guide modes of the VHRR process, such as single fixed guide mode (SFGM) and single follow-up guide mode (SFUGM), are analyzed to investigate their effects on the ring's dimensional precision. The geometrical models of all the guide modes are then established and reliable three-dimensional coupled thermal-mechanical elastic-plastic FE models of the VHRR process are developed in ABAQUS/Explicit. Some key technologies, such as the guide roller's motion control, are reasonably dealt with. The research results show that: (1) The roundness of the rings rolled by SFUGM is obviously superior to that of the ring rolled by SFGM. (2) With the same feed amount, the outer radius of the ring rolled by SFGM is always larger than that of the rings rolled by SFUGM. (3) During the rolling process of the ring rolled by SFGM, severe eccentricity will exist at the ring's center, which is not obvious in the rolling process of the ring rolled by SFUGM. (4) The average value of width spread of the ring rolled by SFGM is slightly larger than that of the rings rolled by SFUGM. The research results can yield an understanding of some phenomena in the VHRR process. The modeling methods presented in this paper have general significance in the study of the VHRR process of the ring with complex profile.