A 3D finite element model was developed. The accuracy of the model was verified through a rolling experiment in which the reduction rate of the plate was 50%. The metal flow law in the rolling process was analyzed from the perspective of time during the whole corrugated rolling process. The deformation experienced by all metal particles is divided into two periods: the filling period and the extension period. The stress change is complex during the filling period, but the stress change trend is approximate during the extension period. The stress state of characteristic positions is two tensile stresses and one compressive stress when the plate starts to deform, which was analyzed by the Lode angle parameter and triaxiality parameter. The microstructure evolution of the Cu plate was analyzed using electron backscatter diffraction (EBSD) technology. Compared with the initial plate, grain refinement occurs at each characteristic position of the Cu plate. There is a phenomenon of grain growth at the trough of the Cu plate after refinement due to the adiabatic temperature increase caused by severe plastic deformation.