This paper concerns an analysis of the tribological conditions and the effect of the use of seven lubricating agents dedicated to a process of precision forging on a hammer in multiple systems. In particular, it performs a review of the most popular methods of determining the friction coefficient in the aspect of the obtained results. On this basis, the selected method of friction coefficient determination was a hot ring upsetting test for two forging materials: carbon steel (16MnCrS5) and stainless steel (316Ti). The test samples were prepared in the shape of a ring with precisely defined dimensions, and, next, they were subjected to an upsetting process on a hydraulic hammer under conditions similar to those present in an industrial forging process, and the characteristic geometrical features and friction coefficients were determined. Additionally, measurements of the geometrical changes were made with the use of 3D scanning for the extreme friction coefficient values in order to perform their comparison. The obtained results showed that for carbon steel the lowest achieved value was in the case of Lubrodal F185 (µ = 0.24) A and the highest for Lubr_hot_press 123HD (µ = 0.32); in turn, for stainless steel the lowest value µ = 0.19 was achieved for Graphitex CR 7 and the highest for Graphitex CR720K (µ = 0.29). Moreover, for these conditions, numerical modeling was conducted in the Forge 3.0 NxT program, in order to analyze the obtained results and verify the correctness and agreement of the friction coefficients determined in the ring test, on the basis of the geometrical changes. The data obtained in the computer simulation confirmed the possibility of obtaining a good agreement between the FEM (Finite Elements Method) and experimental trials, as the modeling provides reliable information on the plastic deformations and can be used as an alternative method of examining the friction conditions in industrial forging processes.