In metal-cutting technology, milling plays an important role in the product development cycle. The accurate modeling and prediction of milling forces have always been research hotspots in this field. The mechanical model based on unit-cutting force coefficients has a high prediction accuracy of cutting forces, and it is therefore widely used in the modeling of milling forces. The calibration of the cutting force coefficients can be realized by linear regression analysis of the measured average milling forces, but it needs to carry out multiple groups of variable feed slot milling experiments with full radial depth of cut, and it cannot well represent the interaction condition in peripheral milling with a non-full radial depth of cut. In peripheral milling, the tool will inevitably deform under the influence of cutting force in the direction perpendicular to the machining surface. If the force-induced deformation is ignored, the calibration of the cutting force coefficients will be out of alignment. For this non-slot milling condition where one side of the tool is mainly stressed, a cyclic calibration method for milling force coefficients considering elastic deformation along the axial contact range is proposed. Firstly, the cutting force coefficients are preliminarily calibrated by the experimental data, and, secondly, tool deformation is calculated through a preliminarily calibrated cutting force model cycle until convergence, before cutting boundaries are updated. The cutting force coefficient is then calibrated again, and it is brought back to the cantilever beam model in order to calculate the tool deformation again. The above process is repeated until the cutting force coefficient is convergent. Finally, the cutting force coefficients are obtained in order to predict and model the milling forces.