In this article, a drawing die is researched in order to obtain the dynamic load and stress distributions and determine the potential fatigue location in it. The stress fields of the drawing die in the drawing process and their changing rules were studied through finite element method. The dynamic simulation of stress changing state has been realized, and the potential fatigue locations in the die were also determined. Based on the conclusion, the cavity die was divided into the substrate part and the wear-resistant part according to the stress distribution. Fatigue life estimations were made on the homogeneous die and the die with bi-materials. The example showed that bi-materials design can increase the service life while greatly reduces the cost of die material. The conclusions drawn conform to reality and have realistic significance.