A method and an apparatus for estimating tire/wheel performance by simulation is disclosed, wherein a tire/wheel assembly model of an assembly of a wheel and a tire mounted thereon is made, and a simulation of the tire/wheel assembly model rolling under a given condition is carried out to obtain an estimated data indicating performance or a characteristic of the tire, wheel or the assembly. Preferably, the tire/wheel assembly model is made through a simulation of mounting a tire model on a wheel model, taking a friction into consideration. Also, the rolling simulation is carried out taking a friction between the tire beads and wheel rim into consideration.