This work is concerned with rolling of a Teflon-Cu-SPCC steel plate, which has been used as a base material for an oilless bearing or dry bearing. Materials for an oilless bearing require special characteristics such as high wear resistance, low friction, fast heat loss, as well as structural strength. Such superior mechanical properties could be obtained by rolling the multilayer plate composed of a mixture of Teflon-Cu powder and a SPCC steel. The main objective of this research is to investigate the deformation characteristics of a Teflon-Cu-SPCC steel plate during rolling process. Especially, focus is given to the thickness changes of the Teflon-Cu powder mixture layer. An Eulerian finite element method coupled with a contact profile correction algorithm is adopted for the simulation of rolling. Validity of the proposed finite element analysis is given. The important parameters chosen in this work are the reduction ratio, roll size, and the Cu content in a Teflon-Cu mixture. Effects of the above important parameters on the deformation behavior and on the final thickness of a Teflon-Cu mixture layer are carefully studied.