In practical engineering applications, metal bellows are subjected to complex environmental conditions, and they usually deform under the combined effects of tension, bending and torsion. In this paper, the bending and torsion composite deformation of unequal parameter metal bellows arranged alternately by large wave and wavelet is studied. Firstly, the finite element model of metal bellows is constructed, and the finite element simulation analysis of its mechanical properties is carried out. Taking the simulation results as samples, the multi-objective structural optimization of unequal parameter metal bellows under the condition of bending and torsion composite deformation is carried out. Combined with the bending-torsion composite deformation test and fracture microscopic characterization, the bending-torsion composite deformation characteristics and fracture failure mechanism of equal-parameter metal bellows (EPMB) and unequal-parameter metal bellows (Un-EPMB) were compared and analyzed. The results show that under the same deformation conditions, compared with the EPMB, the elastic limit bending line displacement and elastic limit torsion angle displacement of Un-EPMB are increased by 52.94 %, and the bending and torsional stiffness are greatly improved, moreover, the alternating waveform arrangement led to relatively gradual stress transfer through the Un-EPMB during the bending-torsion composite deformation process, thereby reducing stress concentration. Thus, the Un-EPMB exhibited more favorable mechanical properties. Unlike in the EPMB, which underwent fracture along the grain boundary, the cracks in the Un-EPMB appeared in the middle layer and propagated to both sides in a wavelike pattern. The dimples were distributed in the middle layer of the fracture, which indicates ductile behavior.