A high-precision prediction method for calculating the ultimate bearing capacity of bolted joint in composite material laminate based on the different progressive failure criteria is studied. Based on the Abaqus finite element software, the USDFLD subroutine is used to analyze the progressive failure of the joint. Five failure criteria including the maximum stress criterion, Tsai-Hill failure criteria, Hoffmann failure criteria, Tsai-Wu failure criterion, and Hashin failure criterion are used for the numerical calculation. The different field variables are established to describe the damage states of fiber, matrix, and interface, and the damage development process of bolted joint in composite material laminate under the tensile load is studied. The research shows that the finite element simulation results based on the calculation of the five failure criteria are relatively close to the test values. Among them, the ultimate strength of bolted joint in composite material laminate calculated by the Hashin failure criterion separately considering the fiber failure and matrix failure matches best with the test result accuracy, which is more suitable for the finite element simulation of bolted structure in composite material.