The eccentric placement of billets reduces the service life of the dies, and at the same time causes the scrapping of the wheel blanks. However, for axisymmetric forgings, eccentric placement is unavoidable. In this study, the mutual effects between the billet and the die during backward extrusion of magnesium (Mg) alloy wheels are analyzed by physical and numerical simulations, focusing on the effects on the physical field of the die. There were dangerous points in the design of the combined die structure and the lower mating surface of the female die and the bottom die were prone to stress concentration during the filling process of the Mg wheel, which led to the cracking of the die. The eccentric extrusion of the wheel resulted in a slope in the filling height of the rim, and it had a great effect on the physical field and microstructure distribution at the same time, which in turn affected the physical field distribution of the wheel die, resulting in uneven load distribution at the lower rim of the die and reducing the life of the combined die. The combined die structure optimization solution can process the female die into a curved surface along the fracture surface and at the same time process a hollow circular table to cooperate with the bottom die and the female die.