The hot deformation behavior of hot-pressed Nd-Fe-B material was investigated using a Gleeble-3500 thermal simulation machine, with deformation of 50 %, temperatures ranging from 700 to 850 °C, and strain rates ranging from 0.01 to 1 s−1. A hyperbolic sine model was employed to establish a constitutive equation suitable for this material. In addition, the chosen fracture criterion and damage threshold in the simulations were validated against the experimental results. Then, a three-dimensional thermo-mechanical coupled model was developed to simulate the damage evolution of the material during the extrusion process. The effects of different extrusion processes and positions of the back pressure tool on the magnetic performance and forming quality of the material were investigated. The simulation results indicate that both the combined extrusion process and the back pressure tool located at the half of the workpiece will contribute to improve the uniformity of the magnetic properties, and effectively ensuring the regularity of the forming process at the top of the magnetic ring and suppressing the occurrence of cracks. The results of this paper will help to a better understanding of the deformation mechanism of Nd-Fe-B permanent magnet and provide a valuable theoretical guidance for the preparation of high-performance Nd-Fe-B magnetic rings.