In cold orbital forging machine with two eccentricity rings, the kinetic locus of the upper tool includes two types. The first one is the kinetic locus of one point in the axis of the upper tool, which is produced by the motion of the two eccentricity rings. The second one is the kinetic locus of one point in the working surface of the upper tool, which is produced by the first type of kinetic locus. Both types of kinetic locus of the upper tool is critical to cold orbital forging. The first one has great influences on the deformation of cold orbital forged components and the second one can be used to make the intervention examination between the upper tool and components. So this paper aims at obtaining the kinetic locus of the upper tool in cold orbital forging machine with two eccentricity rings so as to better design and check the cold orbital forging tools. Firstly, a model of analyzing the kinetic locus of the upper tool is developed. Then, the general equations of the kinetic locus of the upper tool, which can describe the kinetic locus of the arbitrary point in the upper tool under all kinds of geometric and kinematic relations between the two eccentricity rings in cold orbital forging machine, are achieved. Finally, the characteristics and applications of the kinetic locus of the upper tool are discussed based on these equations. This study has great significances for adjusting the two eccentricity rings of the machine to control the motion of the upper tool and designing and checking the cold orbital forging tools.