In order to accurately construct the evolution mechanism of the matrix during the bending process, this paper combines finite element simulation and material characterization methods to study the evolution process of the matrix in detail. Firstly, a repeated bending model of the bellows was constructed by ABAQUS finite element software. The deformation hardening, geometry evolution, stress and strain evolution of the matrix were analyzed in depth. At the same time, by characterizing the microstructure of the trough under different bending times, the evolution of the microstructure during the fracture process was obtained. Combined with the fracture characteristics, it can be seen that the deformation hardening of the trough is significant and the stress is large, so it is most likely to become the failure zone. The waveform distortion increases the deformation inhomogeneity of the trough at different positions, resulting in local large strain accumulation and further aggravating the fracture failure of the trough. During the bending process, a large number of martensite tissue appears in the central area of the bellow wall thickness, and the dislocation gradually moves from the inner and outer surfaces to the center. The crack initiates first at the bellow outer surface and propagates along the circumference and wall thickness direction. Bending four times is the key node of crack propagation. Moreover, the crack propagation models of the trough in the wall thickness and circumferential direction are established, and the fracture failure mechanism of the trough during repeated bending is revealed.