Cross wedge rolling (CWR) is used for producing stepped axles and shafts as well as die forging preforms. In current industrial practice, CWR conducted with two tools is predominantly used, with the wedges mounted on rolls or flat tool plates. However, CWR can also be performed with the use of three wedge rolls. This paper begins with a review of previous studies on CWR conducted with the use of three rolls. After that, numerical simulations of two- and three-roll CWR processes for the same shaft are described. Obtained numerical results are then used to compare the two processes in terms of material flow kinematics, material temperature, stresses and strains, failure modes, as well as load and energy parameters. Finally, the Conclusions section presents the advantages of three-roll cross wedge rolling, providing a good starting point for further research on this promising forming method.