Abstract: With the expanding use of high-strength bolts in the aerospace sector, the importance of the billet-forming process has become increasingly prominent. Conventional machining suffers from low material utilization, deteriorated surface integrity, and mechanical properties. In contrast, cold extrusion enables high geometric accuracy and strength, whereas its application is constrained by catastrophic die failure under excessive loading. In this study, a dedicated forming die for high-strength bolt billets was developed, and a finite-element model was established to quantify the die stresses generated during the cold extrusion of GH4169 superalloy. The model was subsequently validated through experiment tests. To provide guidance for material selection, comparative analyses of forming loads and die stresses were conducted for four materials including GH4169, TB8, Al7075, and 08 steels. The influence of shrink-fitted prestress rings on die stress was investigated, and the root causes of working-cavity fracture were analyzed to formulate preventive measures. Results reveal that a three-layer shrink-fitted die assembly reduces the maximum die stress from 2770 MPa to 1400 MPa. Subsequent optimization of the die architecture further lowers the peak stress to approximately 1210 MPa, which substantially mitigates the fracture risk and extends the die’s service life in the cold-extrusion forming of high-strength bolt billets.