The processing quality of steel bar thread has a large influence on its performance. Using the traditional thread processing technology, it is difficult to meet the requirements of steel bar thread processing with large diameter and high strength. A technical process for HRB500 high-strength steel bar thread processing, including face milling, rib stripping, chamfering, necking formation, and thread rolling, was proposed. The influences of cutting parameters on the cutting force of steel bar surface in face milling were analyzed by the finite element method. For the necking formation process, the effect of springback amount on necking formation was studied. The main parameters in rolling formation were analyzed and calculated, including extrusion pressure, rolling speed, and rolling feed. Experiments for uniaxial tensile of the processed high-strength steel bar threads were carried out. The results showed that cutting depth has the largest influence on the cutting force; the second is feed rate. The effect of the spindle speed was lowest during the face milling. After the necking formation process, the values of the maximum springback amount along the X, Y, and Z directions were 0.05 mm, 0.06 mm, and 0.98 mm, respectively. The finished thread met the precision and quality requirements of a grade I joint. This study provides a high-quality processing technology for large-diameter and high-strength steel bar threads.