The cold forging backward extrusion is employed to produce parts that are characterized by better mechanical strength. However, in this process, punches are often prone to breakages because of the large forces encountered in deforming the steel billets. The service life of the punches is affected majorly by the geometrical attributes, the type of steel undergoing deformation, and hence the present investigation focuses on the applications of natural computing algorithms such as artificial neural network (ANN) and differential evolution (DE) optimization algorithm to study the differential influence on the forming behavior of different grades steel and enhance the punch service life. The AISI steel grades, such as AISI 1010, 1018, and 1045, employed extensively in the production of automotive components, have been compared in terms of forming behavior, such as effective stress, strain, strain rate, and punch force. The multi-layer feed-forward ANN architecture was utilized for process modeling with forming responses of finite element (FE) simulations that are strategically planned through the design of experiments (DoE) approach. Considerable variations were found for the effective stress and punch force amongst the steels, while marginal deviations were observed for effective strain and strain rates. Confirmatory experiments were conducted to validate the results of optimal combinations obtained through the DE optimization technique, and the deviations were observed to be in the acceptable range. The cold forging backward extruded components have also been examined for better mechanical soundness through microstructure and micro-hardness analysis that clearly revealed the mechanical integrity and strength enhancement within the forged components. The proposed study would assist the industries engaged in the production of cold-forged steel components in determining the appropriate values of variables to minimize the forming responses and, thus, help in enhancing the life of the tooling.