Cold rolling precision forming process of spline is one of the high-efficiency, precision and non-chip forming advanced manufacturing technologies. It has the characteristics such as high forming efficiency, energy-saving, low material consumption and better forming properties of components. The process and principle of involute spline cold rolling precision forming was analyzed. A measuring and testing system for the force and energy parameters in the forming process was set up, and the real-time variation curves of the torque moment of the spindle and the radial feeding force were obtained. Also, the influencing rules of process parameters on the maximum radial feeding force and spindle torque were investigated. Finally, Precision forming experiments of involute spline cold rolling were carried out with optimized parameters. Precision measuring and hardness testing of the tooth outline section shows that the components obtained by the experiments were free of defects. Compared with the spline components obtained from conventional cutting process, the hardness and wear ability was greatly improved, which is suitable for the requirement of application.