In order to resolve the defects that exist in conventional manufacture of bearing inner and outer rings, such as low material utilization, too many work steps and low quality, a combined warm extrusion process and its die were put forward. An extrusion part could be obtained by combined warm extrusion in one step, and the bearing inner ring and outer ring could be obtained by two step blanking based on the extrusion part. Finite element method was used to analyze the combined warm extrusion process. The results show that an extrusion part with precise size and high quality can be obtained by the upper and lower clamping device and appropriate pressure.