Energy efficiency improvement and environmental impact reduction are emerging issues in the manufacturing industry. Aside from cutting, metal forming is also an important process in manufacturing. Metal forming is energy intensive because of the low energy efficiency of the used metal forming press. Although many literature reviews focused on the energy reduction and energy efficiency of machine tools, a comprehensive literature review of metal forming processes remains lacking because of the great difference between cutting machines and forming equipment. In addition, methods for energy efficiency and energy-saving still need to be promoted in metal forming. In this review, a novel hierarchy of the metal forming system was presented to describe the relationship among the equipment, process, and manufacturing system, providing a guideline of methods for energy efficiency and saving in metal forming. Then, existing energy consumption modeling and estimation theories and methods were discussed from two aspects. One is energy monitoring and modeling of metal forming equipment, and the other is process energy analysis of metal forming based on different parameters. On the basis of the hierarchy of the metal forming system, the present methods and technologies aiming to promote energy efficiency and energy saving effects were discussed from the aspects of equipment design and control, process optimization, and scheduling management and use. Thus, this review may serve as a reference for the decision-making of producers and managers to realize energy efficiency and energy saving at the system level. In addition, the major points that need attention are accurate energy models and control of forming equipment as well as the integrated optimization of equipment, process, and scheduling.