In order to lucubrate the rolling characteristic of the two stands reversible cold rolling mill and establish the tension and thickness control strategy, the steady-state characteristic simulating program was established using the steady-state continuous rolling theory. The influences of each factor on exit thickness under different tension control methods were analyzed. The results show that, the influence of the entry stand gap on exit thickness is significant and it changes little with different tension control methods. As a result, the entry stand gap can be used as the main control method of exit thickness, whereas rolling speed of any stand and roll gap of the exit stand can be used to adjust the inter-stand tension. The results are beneficial for thickness and tension control of the two stands reversible cold rolling mill. In order to lucubrate the rolling characteristic of the two stands reversible cold rolling mill and establish the tension and thickness control strategy, the steady-state characteristic simulating program was established using the steady-state continuous rolling theory. The influences of each factor on exit thickness under different tension control methods were analyzed. The results show that, the influence of the entry stand gap on exit thickness is significant and it changes little with different tension control methods. method of exit thickness, while rolling speed of any stand and roll gap of the exit stand can be used to adjust the inter-stand tension. The results are beneficial for thickness and tension control of the two stands reversible cold rolling mill.