Based on the theory of elastic-plastic finite element method, the high-speed hot continuous rolling process of a billet is simulated and analyzed in vertical and horizontal passes. The billet is dragged into the passes by contact friction force between the billet and rollers. The rollers and billet are represented by respectively rigid and deformable bodies, and three-dimensional models are developed for the billet and rollers. The distribution of deformation field, effective strain, rolling force and temperature field are accurately calculated for the whole rolling process (including unstable and stable stages). In addition, the rolling pressure on the width symmetry center is compared with that in the in-situ experimental measurements. It is revealed that various heat exchange phenomena among the billet, rollers and surroundings can result in unbalanced temperature distribution on the cross section. Rolling force and strain can change significantly when the billet is moved towards or away from the roller gap, and keep almost invariable in the stable stage. It is expected that the simulation results would be useful for practical manufacture and provide the theoretical foundation for improvement of process planning and optimization of process parameters.