The profile of the globoidal indexing cam is a spatially undevelopable surface. It needs a special computer numerical control (CNC) machine tool to finish batch production, and its machining quality will be affected by the motion error of each part of the machine tool and the clamped positioning error of the workpiece. Firstly, the mathematical model of the error of the machine tool for machining the globoidal cam surface is derived, and the influence of the error of the machine tool for machining the globoidal cam surface is given. Secondly, an error tracking method for globoidal cam profile machining error based on error sensitivity coefficient grouping is proposed, which improves the data processing speed and the accuracy of the tracking results. Finally, the error analysis and traceability method of the globoidal cam is verified by experiments, and the error traceability results are fed back to the processing link. The machining quality of globoidal cam is improved by the error compensation, which provides the key technology for the integration of the design, manufacture, and measurement of the globoidal cam.