In this paper, a multi-wheel planetary intermittent type spinning process was investigated through finite element analysis(FEA) and process experiment. The spinning deformation mechanism of cup-shaped internally-externally toothed parts was studied by simulating the planetary spinning process. The distribution of the transient stresses in the contact zones between the roller and blank, and the equivalent plastic strains after spinning were analyzed. The location and causes of defects were determined through analyzing three-dimensional stress and equivalent strain. By comparing the distribution of workpiece thickness after spinning with the simulation result, it has indicated that this research is favorable for developing the technological forming criterion to guide the practical manufacture processes.