In response to the defects of high elasticity, difficulty in adhering to the tire, and large manual trimming in the forming of cobalt-based spring steel parts, the external structure and material properties of parts were analyzed, and the numerical simulation of the deep drawing process was carried out by finite element software Dynaform to optimize the forming process. Then, the springback amount was compensated in the process surface, and a special die was designed. Furthermore, after deep drawing, the shape was cut by using a five-axis laser cutting machine, and finally the qualified products were produced, which not only effectively improved the surface quality and forming accuracy of the parts, but also significantly shortened the production cycle and reduced the labor intensity of workers. The experimental results show that the cobalt-based spring steel has a large springback, but good ductility is good. In the deep drawing process,the reasonable process surface design and drawbead structure can improve the deep drawing effect, and the die obtained through springback compensation correction can effectively improve the springback defects.