The forging process and its corresponding die and mould of coupling made by used oil pipe were designed by analyzing the properties of used oil pipe and forging forming process. The die and mould structure was designed by adopting modular and combined type. The inserts with rectangular grooves were used to clamping the blank of coupling. Meanwhile, the reversed cone type design of mandrel was employed and the spherical treatment for its front-end was conducted. Based on the above measures, the efficiency of replacement and maintenance for the die and mould was greatly improved and the use-cost of die and mould decreased observably. Clamping positioning stability of the blank was effectively resolved during the forging process. Moreover, the deform uniformity and stability of opening and closing for the die and mould was well protected during the forming process. The rationality and feasibility of the die-forging process and mold design were validated by the finite element numerical simulation. An effective exploitative way of high value-added is provided to the oil extraction industries through fabricating coupling with used oil pipe.