As an important lightweight and high-strength structural component, magnesium alloy barrel with inner ring rib is mostly used as key components in aerospace. Aiming at the key problems of insufficient radial height and low strength in the existing method of forming magnesium alloy barrel with inner ring rib, a new forming process of rotational extrusion forming of inner ring rib is innovatively proposed. The response surface based on the finite element method (FEM) simulation of the Central Composite Experiment Design is established. A new split convex die with deep inner slot and double working strips, together with a rotating concave die that drives the die rotation, was adopted for the die. After multiobjective optimization of the structural parameters of the split die, the optimal combination of parameters is obtained. The results show that the optimal combination of process parameters is 110° for the metal gathering slot opening angle, 8mm for the embedding angle of the working strip, 36mm for the transition rounding of the metal gathering slot and the inner ring rib filling slot, and 26mm for the stagnation zone angle. Finally, the optimal parameter combination is applied to experimental trial production to verify the feasibility of the new process.