Based on the iterated statistically multiscale analysis (SMSA), we present the convergence of the equivalent mechanical parameters (effective moduli), obtain the error result, and prove the symmetric, positive and definite property of the equivalent mechanical parameters tensor computed by the finite element method. The numerical results show the proved results and illustrate that the SMSA-FE algorithm is a rational method for predicting the equivalent mechanical parameters of the composite material with multiscale random grains. In conclusion, we discuss the future work for the inhomogeneous composite material with multiscale random grains.