The liner of a compressed natural gas pressure vessel is manufactured by D.D.I. (Deep Drawing and Ironing), which is a continuous process that uses deep drawing to reduce the diameter of a billet and ironing to reduce the thickness of the billet. In the second stage of the existing D.D.I. process, drawing and two steps of ironing have been performed separately with different dies, which requires a long processing time, high manufacturing cost, and installation space. To solve the above problems, this study suggests a new second stage using a combined redrawing-ironing die. A theoretical formula to calculate the forming load of the combined redrawing-ironing process was established and verified with finite element analysis results. The forming load, maximum thickness reduction ratio in the second stage, and forming defects in the third stage were analyzed by varying the redrawing-ironing ratio in the second stage. The results show that the number of dyes (3 → 1), punch diameter (394.1 mm → 383 mm), and processing time (39.8 s → 20 s) in the second stage were obtained to save production time and cost.