The invention discloses a forging forming die for a cylindrical part plate with a small fillet characteristic. The forging forming die comprises an inner side male die, an outer side male die, a female die, a female die base plate and a floating mandrel. The invention further provides a forging forming method for the cylindrical part plate with the small fillet characteristic. A pipe blank with the outer diameter equal to that of a cylindrical target part is put on the female die base plate, and the inner side male die and the outer side male die are driven to synchronously move downwards at aconstant speed to upset and extrude the pipe blank to form an inner flange upsetting piece. After moving to the lower limit, the outer side male die is kept still with constant load, the inner side male die continues to descend to shear the inner flange upsetting part, a metal material is forced to continuously flow to a closed cavity defined by the inner side male die, the outer side male die, the female die, the female die base plate and the floating mandrel, and finally the cylindrical part with the small fillet characteristic is upset and extruded. The cylindrical part with the small fillet characteristic is formed in one procedure, the buckling instability problem is solved, the defects of folding, inward sinking and the like are overcome, and the fillet filling plumpness and the mechanical property of the target part are improved.