The aim of this study is to evaluate the axial residual stress in multi-pass drawn high carbon steel wire by using FE analysis and XRD. When FE analysis is applied to evaluate the residual stress in drawn wire of multi-pass drawing process, obtaining the reliable effective stress-strain curve at high strain is very important. In this study, a model, which can express the reliable effective stress-strain curve at high strain, is introduced based on the Bridgman correction and tensile test for multi-pass drawn high carbon steel wires. By using the introduced model, FE analysis was carried out to evaluate the axial residual stress in the drawn wires. Finally, the effectiveness of the FE analysis with the introduced stress-strain relation was verified by the measurement of residual stress in the drawn wires through XRD. As a result, the evaluated residual stress of FE analysis shows good agreement with the measured residual stress.