In the forming process of picture tube panel, the accumulated residual stresses cause the formed part to shrink, and the thermal and mechanical loads cause the mold blocks to deform. These two factors result in large deviations on the dimensions of the formed panel, which are both modeled and simulated in this paper. For residual stresses analysis, a thermo-rheologically simple viscoelastic material model is introduced to consider the stresses relaxation effect and to describe the mechanical behavior according to the temperature change. The shrinkage of formed parts induced by the residual stresses is calculated based on the theory of shells, represented as an assembly of flat elements formed by combining the constant strain and the discrete Kirchhoff triangular elements. A thermoelastic model is presented to predict the deformation of the mold blocks during pressing, which is based on the steady mold temperature field and thermoelastic boundary element method. The integrated simulation results suggest the amounts that the mold cavity should be machined by, and have been verified by comparing the dimensional precision of the panels produced by the mold considering a uniform part shrinkage and mold expansion or the mold considering the predicted ununiform part shrinkage and mold deformation.