Submarine pipeline is a key part in the development of deep sea and ultra-deep sea oil and gas. In order to reduce the ovality of pipes and improve their compressive strength, a two-roller continuous calibration (TRCC) process by compression is proposed. A springback analysis of compress bending is carried out, and an analytical model is established, which predicts ovality after calibration and provides a theoretical basis for roller shape design and process parameter formulation. Numerical simulation and physical experiments are carried out. The distribution of stress and strain is analyzed. The effects of initial ovality, reduction ratio and initial placement angle on the ovality after calibration are studied. When the reduction ratio is about 1%, the ovality is optimal. The theoretical analysis shows that the ovality after calibration is about 0.03%, and the ovality after calibration by numerical simulation and experiment is less than 0.45%, proving the feasibility of the process.