The strip wound die, which is characterized by significant improvement in strength and stiffness over the conventional compound die with several layers of stress rings, is prestressed by the thin high-strength steel strips. The performance of the strip wound die is determined mainly by the winding tension during manufacture process. In this paper, the stress analysis of die body is conducted based on Lamé’s equation. Two kinds of die materials are analyzed based on strength theory in order to establish the required contact pressure in working condition which keeps the die material within the safety range. The number of winding layers can be determined by considering the strength of strip in working condition. The analytical method and the equations to determine the winding tension have been presented by following yield criterion, Euler’s equation and iso-strength principle.