Abstract: Electromagnetic forming (EMF) technology has been criticized for its low energy conversion efficiency, and the current research on its energy conversion process is not sufficient. Traditional research often focuses on the improvement of forming accuracy and lacks the optimization of forming efficiency from the perspective of energy. Therefore, the dynamic process of energy conversion in the whole forming process is revealed by combining theoretical analysis with simulation calculation. The influence laws of power supply parameters, coil parameters and coupling relation on energy conversion efficiency are obtained. The results show that the energy conversion efficiency increases first and then decreases with the increase of power capacitance, coil turns and layers. There is an optimal setting of energy conversion efficiency in the forming process, and the efficiency after optimization is about 1.5 times of that before optimization. Compared with the improvement of the power supply parameters and coil structure parameters, the improvement of the coupling relationship between the forming systems by adding a field shaper can improve the energy utilization efficiency more significantly, and the efficiency can be further increased to 1.7 times. The research results of this paper can deepen the understanding of EMF dynamic energy conversion mechanism, and provide a new idea for the study of EMF energy conversion efficiency.