In order to improve the efficient and accuracy, parallel algorithm of fast multipole boundary element method (FM-BEM) was presented. Combined with sparse approximate inverse preconditioning (SPAI), GMRES(m) was used to solve the equation system of FM-BEM. The parallel FM-BEM was applied to strip cold rolling process, the results obtained from parallel FM-BEM was similar with the experimental measurements. The parallel FM-BEM has more efficient and accuracy than traditional FM-BEM. This method is benefit for solving precision engineering problem.