In this paper, an axle sleeve is formed through a combined cross wedge rolling (CWR) and hot extrusion process, and the combined forming process is simulated via finite element analysis software Deform-3D. The forming mechanism is revealed by analyzing the stress and strain distribution, the temperature variation and the metal flow law of the workpiece during CWR and hot extrusion. Combined with CWR and hot extrusion forming experiments, the feasibility of a combined rolling and extrusion process to produce an axle sleeve is verified. It has been proven that the outer steps of the axle sleeve produced through the rolling extrusion composite process are well formed, the flange extrusion cavity is full, the metal streamline is continuous, the axis of the inner hole does not easily deviate, the product quality is good and the production efficiency is high.