The multi-hole plate is thin and has many holes to be punched and requires many pressing procedures to press. According to its structural characteristics, the technology scheme of compound dies was worked out. The working pressures of the spring, rubber and cushion were analyzed. The corrugating and breaking plates were avoided efficiently by using the machine with constant blank holder force,whose blank holding force was adjustable,the working force didn't increase sharply during stretching, and the forming effect was reasonable. The fluctuating of the die blanking clearance is 0.01 mm, which resulting in the punches mounting difficultly. The punches are mounted simply with fixed terrace of low melting point alloy, the punch-holder plate's holes are manufactured easily, and blanking clearances are assured by the low-melting alloy.