The co-extrusion process is widely used to produce composite tire treads with better performance. This study investigated the rubber co-extrusion flow process and quality influencing factors of tri-composite tire tread through numerical simulation and experimental methods. Here, RPA 2000 rubber processing analyzer was used to carry out rheological tests on the three rubber materials, the PTT viscoelastic constitutive model was fitted, and the fitting curves were in good agreement with the test data. Then, a three-dimensional viscoelastic numerical simulation model of the tri-composite tread co-extrusion process was established using Ansys Polyflow software. The parameter evolution technique is adopted in the model establishment to improve the calculation convergence. In addition, a global remeshing function is used to avoid excessive mesh deformation. A co-extrusion experiment is conducted to verify the model’s accuracy using a tri-screw extruder. The extruded tread size error rate between the experiment and simulation is less than 6%. The variation of the velocity field, pressure field and shear rate field during extrusion is analyzed, and the formation mechanism of die swell is explained simultaneously. Finally, the influence of process parameters (inflow rate and traction speed) and die structure (convergence angle and thickness) on the extruded tire tread shape and quality was investigated, which can provide theoretical guidance for improving tread quality and production efficiency. Furthermore, the numerical simulation method can assist the design of the die plate in enhancing the efficiency of the die plate design.