To promote the effective application of ultrasonic wave technique in quantitative evaluation of bolt tightening state, combining with requirements of actual detection, an appropriate finite element (FE) model was established for the bolt axial stress measurement method based on acoustoelastic effect. A 2-D axisymmetric mode was used to simulate bolt M8×25, and a 10 MHz ultrasonic transducer was placed on the bolt head. In FE simulation, a hyper-elastic material with Murnaghan third-order elastic constants was used to do coupling analysis for structural field and acoustic one. Through two studying steps, the ultrasonic waveform signal for bolt axial tension state was determined. The FE computation results showed that there is a linear relationship between time difference of ultrasonic wave propagation (ns) and bolt axial stress (MPa), and this relationship varies with change of bolt clamped length and its material; for the bolt axial stress measurement method based on acoustoelastic effect, the linear coefficient’s correct measurement is very important. The FE computation results were analyzed deeply, it was shown that bolt stress state has a superposition effect on ultrasonic wave propagation change in bolt; different bolt clamped length causes larger change of acoustoelastic effect, this should be paid enough attentions to; the FE computation results agree well with those of analytical calculation and practical test measurement; the proposed FE model for bolt axial stress measurement with the ultrasonic wave method can be used to solve the difficult problem of acoustoelastic effect’s numerical simulation and analysis, and provide a technical guidance for analysis of detection methods and development of specific instruments.