Large sheaves, such as crosshead sheaves, are foundation parts in the heavy industry. Counter-roller spinning steel sheaves are utilized to replace traditional casting iron parts. Few studies exist on the groove shape of these spinning sheaves. Consequently, it is significant to explore the spinning groove shape variation rule and confirm the appropriate spinning parameters. Both experimental and numerical methods were utilized to study the groove shape variation of Q235 steel sheaves and their results were well matched. Spring-back phenomena were considered in this study. The groove depth was lower than the spinning depth and the last formed groove was the deepest. The former groove depth would be affected by the adjacent following spinning process. The single groove spinning result was linearly dependent on the multiple spinning groove depth. Certain equations were used to calculate the groove depth. The bottom–middle–top spinning sequence, which was better than other spinning sequences, should be used in the sheave spinning method. A sheave spinning process could be designed based on the study to obtain a fine groove shape.