Flexible rolling technology is the current development trend of strip production industry. However, due to the simultaneous change of mechanical, process and strip specification parameters in the flexible rolling process, the motion state of the system is difficult to analyze and stability control is hard to achieve. In this paper, the active motion characteristics of rolls in flexible rolling technology are considered, and the dynamic rolling process model is established to reflect the influence mechanism of process and specification parameters on the dynamic rolling force. The dynamic model of a 4-high rolling mill was developed and the structure-process-strip coupling strategy was applied to couple the models. The Runge-Kutta method was applied to solve the dynamic equation to obtain the maximum Lyapunov exponential spectrum for a single parameter variation. It is noteworthy that the two-parameter dynamics method was adopted to solve the dynamics on the two-parameter plane considering the nature of simultaneous variation of the system parameters, which solves the limitations of the traditional analytical method and is suitable for the application of the flexible rolling system. The results suggest that the parameters influence the motion state in the form of coupling, the influence pattern of each parameter on the stability is clarified, the evolution of the stable domain under the effect of parameter coupling is revealed, and the parameter matching strategy is determined. The results will provide a solution for the system parameter setting of flexible rolling technology and a theoretical reference for enhancing the stability of the rolling mill.