Fine blanking process with V-ring was simulated with FEM. The geometric parameters of the die, the punch, the serrated ring and the sheet are modeled. In this paper, some other assumptions are made for the analysis. The workpiece is considered as elastic-plastic material, while the tools are defined as rigid bodies. The damage model taking into account the influence of hydrostatic stress is used to simulate material fracture in blanking. The stress status and forming process are analyzed. Authors also investigated the effect of distance from tooth to die edge on roll-over high. The simulation can reflect the laws of fine blanking process.