Tube hydro-pressing is a new ultra-low pressure forming method proposed in recent years to address the problem of ultra-high forming pressure required by conventional hydroforming processes in forming high-strength materials or extreme size components. It changes the conventional hydroforming method of die closing before bulging to pressing after filling with liquid, which significantly reduces the forming pressure and makes it possible to form high-strength materials or extremely small round radii and large-sized components. Wrinkling is the main defect in the tube hydro-pressing process, therefore, the key to forming is to control wrinkling. Based on this, a critical wrinkling theoretical model is established for tube hydro-pressing based on plastic strain theory and energy conservation theorem. Experimental and numerical simulation studies were conducted on tube hydro-pressing, and the effects of the internal pressure and the compression ratio on thickness distribution and fillet filling were discussed. The accuracy of the theoretical model was verified by the experimental results, and the process window for tube hydro-pressing of a rectangular cross-section component was obtained. The results indicate that the critical internal pressure for tube hydro-pressing depends on the strength coefficient, hardening index, and compression ratio. The thickness of the sidewall is related to the internal pressure and compression ratio, and the greater the internal pressure, the poorer the uniformity of the sidewall thickness. The greater the compression ratio, the thicker the sidewall. The maximum thickening of the hydro-pressed part reached 13.4% when the compression ratio is 4%. In addition, the larger the compression ratio, the smaller the fillet radius. A rectangular tube with a corner radius of only 3.0mm was manufactured when the compression ratio is 4%. It can be concluded that the critical wrinkling pressure theoretical model is effective in predicting wrinkling, which provides theoretical guidance for the tube hydro-pressing method, accurately predicts wrinkling defects, and ensures the realization of large compression ratios.