Guide rolls play an important role in controlling both the ring circularity and the stability of cold ring rolling process. However, it is difficult to predict and control the motion of the guide rolls due to the complexity of process associated with the coupled effects of multi-factors. In this paper, a reasonable controlling model of the guide rolls is proposed, and the functional relationship between the motion track of the guide rolls and their setup parameters and process ones is established, by which the guide rolls motion track can be determined. On this basis, a 3D-FE simulation model for cold ring rolling is developed under the ABAQUS software environment and the effects of the initial position and motion track of the guide rolls on the forming stability, ring circularity, rolling force, and oscillating are investigated. Taking the forming stability and ring circularity as objects, the optimum initial position and motion track of the guide rolls are obtained.