The paper presents the results of physical and mathematical modeling of the technological process of forging the grade ХН55МВЦ-ID alloy using the finite element method. In the calculation we used the experimental data on the mechanical properties of the alloy, determined when tested in tension and compression under conditions that simulate the forging process. Based on the analysis of the model the processes of upset forging and stretching are compared. It is found that in the upset forging process, the values of tensile deformations in some local areas are close to the limit of ductility of the alloy at temperatures of 1100 to 1140 °C. Therefore, to reduce the risk of formation of defects in the deformation process at temperatures close to 1140 °C, it is advisable to avoid the operation of upsetting the ingot. Stretching at a temperature of 1140 °C is more favorable, since the values of tensile deformations are much smaller than the limiting plasticity of the alloy in the whole temperature range investigated.