With the development of industrial technology, the application of large diameter-thickness ratio integral discs in various high precision vessels is becoming more and more important. At present, the forming processes of large-diameter disc mainly includes welding and multiple local upsetting, but these processes exhibit large defects and cannot meet the requirements of industry. Therefore, a new metal plastic forming technology, namely rotary forging with multi-cone rolls (MCRs) is proposed to integrally form large diameter and ultra-thin discs. The forming process was simulated by DEFORM-3D finite element analysis software, and the deformation characteristics of MCRs disc were revealed. The results show that the axial plastic deformation of disc can be divided into three stages. In the first stage, the plastic deformation area was basically symmetrical, and the deformation was relatively stable. In the second stage, the plastic deformation area on both sides was different, which was in the unstable stage and easy to produce defects. In the third stage, the plastic deformation area was approximately symmetrical for a long time, and the plastic deformation was stable. At the same time, the influence of process parameters on the form characteristics of MCRs, the main defects in the deformation process and the preventive measures were studied. The research results are helpful to better understand the metal plastic forming technology of MCRs and promote the further development of MCRs.