Cold rolling precision forming process of spline is one of the high-efficiency, precision and non-chip forming advanced manufacturing technologies. It has the characteristics such as high forming efficiency, energy-saving, low material consumption and better forming properties of components. The principle and the force of involute spline cold rolling precision forming process were analyzed. Forming experiments of involute spline cold rolling were carried out, and the microhardness map of the tooth outline was gained. The rule of the metal flow in the deforming area and the forming mechanics of the microstructure were analyzed. The influence of plastic deformation on the forming properties was also conducted. Experimental results showed that dramatic plastic deformation has taken place on the upper surface of the workpiece during the cold rolling process of spline, while the influence on the inner materials were very small. The grains were distributed as a flow line pattern along the tooth profile, and the grains in the plastic deformation zone presented a fine and long fibrous state. The hardness on the section of the tooth outline is regularly distributed. Compared with the spline components obtained from conventional cutting method, the hardness of the spline was greatly increased, therefore, comprehensive mechanical property such as wear resistance and impact resistance were largely improved. Precision measuring and hardness testing of the tooth outline section showed that the components obtained by the experiments were free of defects, and the application requirement can be satisfied.