Electroslag casting (ESC) is an important method to produce high quality castings. In this study, the ESC up-pulling inner mold method (EUPIM) was used to produce hollow cylindrical castings with the multiple consumable electrodes. The radial deformation, the axial and radial intal stress of the inner mold, and the axial intal stress of the slag shell were analyzed using the finite element method (FEM) with the aid of ANSYS software. The ProCAST software was used to calculate the specific heat, heat conductivity and density curve of Cu. Simulation results show that the radial deformation, the axial and radial intal stress of the inner mold, and the axial intal stress of the slag shell near the slag-metal interface of hollow cylndrical casting gradually increase from 0 s to 360 s after the ESC starting (slagging) process but before applying the up-pulling force. The suitable initial up-pulling moment of the inner mold is at around 180–198 s after the starting process.