The invention relates to a radial and axial rolling forming method for a large-sized double-groove ring piece. The method mainly comprises the following steps: (1), manufacturing blanks: uniformly heating the bar section to the hot forging deformation temperature, unsetting, piercing and punching the hot material section on a press to manufacture ring piece blanks, wherein the size of each ring piece blank is determined according to the ring piece size, the rolling ratio and the radial and axial feeding quantity ratio; (2), designing a rolling hole shape, wherein the rolling hole shape consists of a driving roller working surface and a core roller working surface and the size of the driving roller working surface and the core roller working surface is determined according to the rolling linear velocity, the equipment parameters, the rolling deformation condition, the size of the ring piece blank and the size of the ring piece; and (3), rolling and forming: placing the ring piece blank on a ring rolling machine and rolling, wherein the rolling process is controlled by reasonably distributing feeding speed and feeding quantity according to three stages of prerolling, primary rolling and shaping rolling and the rolling process is finished when the outer diameter of the ring piece reaches the preset value. The method has the characteristics of high production efficiency, low production cost and high product quality.