The Phan-Thinen and Tanner (PTT) model was used to describe the co-extrusion behavior of tread rubber which is made up of two components. To investigate the effects of upper and lower channels on simulation results, two kinds of Finite Element (FE) models were established. One of them contained the upper and lower channels, while another did not. Comparison between the computational results and corresponding test data illustrates that the difference of these two models is obvious, which suggests that the consideration of upper and lower channels play an important role in analysis on polymer’s co-extrusion process. Besides, we also analyzed the effects of wall slip coefficients on co-extrusion products. The results show that the decreasing of wall slip coefficients can reduce the extrusion swell phenomenon effectively, but it may bring out the distorting of the corner parts of co-extrusion section shape. Therefore, various factors need to be comprehensive taken into account in the selection of wall slip coefficients.