As a plastic forming process developed based on rotary wheel spinning technology, the rotary ring spinning process has the excellent characteristics of high forming accuracy and high material utilization rate, and has been gradually applied to the manufacture of bimetallic composite pipes. In this paper, the forming law of a bimetallic tube in the process of rotary ring spinning was analyzed by numerical simulation and experimentation. The results show that the deformation coordination of the basic and cover tubes increased with the increasing press amount, and the feed ratio had less of an effect on the thickness variation. In addition, the three-way strain of the basic and cover tubes and the degree of influence of the process parameters on the equivalent strain of the tubes were also studied. The results show that the radial strain on both tubes was the largest, followed by the axial strain, and the tangential strain was the smallest; the press amount had the largest effect on the equivalent strain of the tubes, followed by the angle of attack and the feed ratio. These results provide some guidance for the manufacture of high-performance bimetallic composite tubes by rotary ring spinning.