The invention discloses a pipe material bending springback prediction method capable of considering elastic moding and section elliptical distortion. The method comprises the following steps that: determining the plasticity coefficient, the hardening exponent and the wall thickness of a pipe material; on the basis of given pipe material characteristics, determining an initial elasticity modulus and an extreme value of the elasticity modulus along with plastic deformation, and solving an elasticity modulus nominal value which changes along with the plastic deformation in a pipe material bendingplastic deformation process; carrying out discretization processing on a pipe material bending part, and carrying out calculation to obtain an elliptical cross section bending moment; and solving a springback angle obtained after considering cross section elliptical distortion and elasticity modulus change in the pipe material bending part. By use of the method, the cross section elliptical distortion and the elasticity modulus change caused by plastic deformation in the pipe material bending process are introduced into pipe material bending springback calculation for the high-accuracy prediction of the pipe material bending springback angle.