A new precision cold forging process of composite open and closed die cold precision forging was proposed. Several process programs were simulated with Deform FEM software under the same initial conditions. The final shape effect and forging load change curves of bevel gear were analyzed. The results show that the efficiency of filling for the new process is as the same as closed die forging and better than open-die forging; and the forging load reduces 10% than closed die forging. Under this process conditions, the rebound quantity of gear forgings is smaller and the gear tooth modification is conducive，which verify that the composite precision cold forging has advantages and makes up faults of traditional plan.