The manuscript presents a new manufacturing technology for the production of hollow railway axle forgings. The manufacturing technology analyzed is based on three-roll skew rolling (TRSR) using a computer numerically controlled (CNC) rolling mill. The study focused on comparing the rolling capability of hollow products without and with a mandrel calibrating the hole of the forging. The influence of tube billet size on the rolling process was also analyzed. FE analysis and experimental studies were carried out. An analysis of the accuracy of the internal hole of the forging depending on the adopted parameters of the rolling process was carried out. Based on numerical simulations, the state of strain and the flow pattern of the material and temperature distribution during rolling were determined. The force parameters of the rolling process of hollow forgings were also analyzed. Based on the research, a two-stage rolling technology for rolling hollow railway axle forgings was proposed. The results obtained indicate the suitability of using a calibrating mandrel to improve hole accuracy in hollow forgings rolled from a tubular billet. The gap c between the bore diameter of the forging and the diameter of the mandrel was measured. Increasing the tubular billet dimensions from Ø42.4 × 10 mm to Ø48.3 × 12.5 mm reduced the gap c by 49.8%. Rolling the billet Ø51 × 14.2 mm in two passes compared to rolling in one pass reduced the gap c by 45.5%.