The invention discloses a supporting wheel closed forging process and a forging die, and belongs to the technical field of forging. Blanking is conducted on round steel through a band sawing machine; heating is conducted on a bar material through a medium frequency induction heating furnace; jumping-up and preforging are conducted on the hot bar material on a l600T electric screw press, then the hot bar material is transferred to a 2500T electric screw press to be subjected to finish forging and forming through the closed forging die, and finally punching is finished on a 400T mechanical press; normalizing treatment is conducted on a forge piece generated after punching is conducted; the closed forging die adopted for the process comprises a lower cushion block (2), a lower male die (11), a lower base plate (3), a lower female die insert (5), a lower female die (4), an upper male die (6), an upper female die (7) and an upper cushion block (8). By means of the supporting wheel closed forging process and the forging die, burrs do not exist in the forged forge piece, and the total forge piece deformation area is reduced, so that the forging deformation force is lowered, the raw material utilization rate is increased, the subsequent trimming process is omitted, the product cost is lowered greatly, and product efficiency is improved remarkably.