In precision glass molding process, the required accuracy for the final size and shape of the molded lenses as well as the complexity of this technology calls for a numerical simulation. The current paper addresses the development of an FE model for thermo-mechanical simulation of the precision glass molding process including heating, pressing, and cooling stages. Temperature- dependent viscoelastic and structural relaxation behavior of the glass material are implemented through a FORTRAN material subroutine (UMAT) into the commercial FEM program ABAQUS, and the FE model is validated with a sandwich seal test. Subsequently, precision molding of several glass rings is performed at three different pressing temperatures, and the experimental deformation of the glass rings at the end of the molding is compared with the predicted ones from FE simulation. Furthermore, the transient and residual stress distribution inside the glass rings are calculated by the developed FE model, and the effects of some important process parameters such as interface friction and mold temperature on the FE results are assessed. The developed FE model can be employed to predict the deformation behavior, final size/shape, and the residual stress state inside the glass lenses in a precision glass molding process.