Titanium carbonitride based composite (TiCN-metallic binder) was developed as die material for replacement of cemented tungsten carbide. The effects of thermal conductivity characteristic of the TiCN composite on hot forging performances were investigated using a servo press with ram motion control. Three types of the die materials; (a) tool steel for hot working, (b) cemented tungsten carbide with high thermal conductivity and (c) TiCN composite with low thermal conductivity were compared. In hot upsetting of a chrome steel workpiece, the TiCN composite die was confirmed to reduce the forging load by approximately 20% at slow forging speed. This is because the die with low thermal conductivity could prevent the workpiece from rapid cooling induced by heat transfer at the die-workpiece interface. In addition, the material flow of the workpiece to a die cavity was improved. Furthermore, the wear depth/wear coefficient of the TiCN composite was lower than that of the tool steel and the cemented tungsten carbide in the numerical analysis of wear due to the combination of low thermal conductivity and high hardness.