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Aimed at AISI-1010 low carbon steel pulley components, a finite element method-based metal forming simulation software of DEFORM 3D was used to simulate and analyze the near net forging process for the low carbon steel pulley, and to design forging molds. This technology was used in the pulley tooth forging in conjunction with the servo press-based servo motion curve technology. First, the cold forging process of the pulley preform forging and the near net forging were simulated. Also, the applications of the pulse wave servo motion curve in the pulley tooth forging was simulated, which was compared with the traditional motion curve-based forging forming, where the comparisons focused on the maximum forming force and maximum equivalent stress. The results indicated that the maximum forming force and the maximum equivalent stress of the punch caused by the pulse wave servo motion curve was smaller than caused by the traditional motion curve.