Among the existing rapid and economical sheet metal forming technologies, stamping with a press using soft tools, especially low-melting-point alloy dies, is one of the few methods that can meet the precision requirements in industrial elds such as automobile manufacturing. However, the usability of the method is limited by the low strength of the soft base. The current study proposes a new structure of zinc-based alloy dies for sheet metal forming, where the weak features of the die blocks, such as protruding edges, are reinforced by selective laser melting (SLM) steel inlays imbedded during solid-liquid compound casting. A technical route for fabricating the new tools was developed, and a W-shaped part was formed using an SUS304 sheet with a thickness of 0.32 mm and an Al6061 sheet with a thickness of 1 mm to validate the concept. The experiment and simulation results proved that clearer localized features, such as a smaller radius, can be formed on the workpiece with the reinforcement of steel inlays, while the springback is smaller and the abrasion resistance of the tool is higher. This method can improve the forming quality and durability of traditional soft tools in a convenient and affordable way.