In response to the problems of high production costs and low production efficiency due to the use of multi-pass forming or hot forming processes for high-strength wheel steel, for a commercial vehicle wheel spoke, by reducing the number of stamping passes and improving the existing stamping scheme, the critical state of sheet metal stamping wrinkling and the change rule of blank holding force were analyzed, and the wrinkling position was predicted. Then, the stamping process parameters to suppress wrinkling defects were determined, and the stamping process of wheel spoke was simulated. Furthermore, by optimizing the die structure and adding local draw beads to change the flow resistance of material during the stamping process, the defects such as wrinkling and thinning were improved, and the optimized process scheme was experimentally verified. The results show that the material absence at the notch makes the blank holding force required in each area different, which is the main cause of wrinkling defects. After changing the die structure and adding draw beads, the forming quality of wheel spoke is good, the wrinkling defect is suppressed, and the thinning rate of the optimized product is controlled within 5%.