In the present study, a finite element model has been developed to simulate the deep-cold rolling process on Ti-6Al-4V specimens and the following short term exposure of the treated components to elevated temperature. The developed model can be effectively used to predict the residual stress profiles induced by the process at room temperature and the following residual stress relaxation at the elevated temperature. In the present study, the thermal relaxation stage is performed using a viscoplastic model which couples the creep and plasticity deformation mechanisms to predict the state of residual stresses at the elevated temperature. For this purpose, a new set of hyperbolic creep law coefficients are identified in order to describe the primary creep at 450 °C. The accuracy of the developed finite element model to predict residual stresses is validated by comparison with the experimental data available in the literature. It has been shown that the finite element predictions correlate well with experimental results with error generally less than 10%. The developed model can be effectively utilized for parametric studies to understand the effect of different process parameters on the induced residual stresses without performing expensive experimental tests.