The reaming process of the 6061 aluminum alloy plate after cold expansion with split sleeve was simulated by finite element (FE) method based on Abaqus/CAE, the relationship between the reaming depths and the distribution of residual stress fields is obtained by analysis. The fatigue lives of the plate under different reaming depths were calculated by using the fatigue analysis software FE-SAFE, and verified by fatigue tests. The results show that reaming after expansion will increase the residual compressive stress at the hole edge on the entrance surface. In addition, the fatigue life of the specimens increases with the increase of the reaming depth, and the best fatigue gain of the specimen is obtained when the reaming depth of 0.5 mm.