Tool life in plastic forming processes is a problem of the utmost importance as it significantly affects the cost of production. Hot forging with hammers and mechanical presses is an example of the technological process in which the load on tools is extremely high and, consequently, the lifetime of tools is short. Considering, additionally, that this applies to large-scale production, from an economic point of view, the key issue will be to extend the tool life, make an accurate prediction of the number of parts that can be forged before the replacement of dies is necessary, and develop a system for quick tool changeover. Initially, however, it is necessary to understand the causes of excessive tool wear, which may lie in phenomena occurring at the level of microstructure. The aim of this article was to outline an example of the coexistence of multiple wear mechanisms in hot forging dies. For the modified chemical composition, the microstructure examinations were performed in selected areas of the tool. The research has revealed the causes of cracks in tools and some irregularities in the preparation of tools for production process.