The wheel rim is an annular and thin-walled structure with complex structural features and working conditions. Guaranteeing its safety and lightweight are two major concerns in wheel rim design. In this study, a shape optimization method based on load path analysis is proposed to evaluate and optimize the structure of the wheel rim. The load-transfer law of the wheel rim is identified based on the load path visualization. Two design criteria are put forward to evaluate the load-bearing performance and give the improvement suggestions. Then, the shape optimization problem is simplified to a parameter optimization problem, and the optimal size combination performance-oriented is obtained using the non-dominated sorting genetic algorithm II (NSGA-II). As a case study, a wheel rim is redesigned and the optimization result shows that the stiffness and strength are improved under bending and radial fatigue simulation, while the weight is reduced by 3.78%. Two stages of experimental studies are carried out to verify the optimization method. The static pressure test shows that the bending resistance performance of the wheel rim is improved by 4.57%, and the load transfer is more uniform. The radial impact test shows that the impact deformation at a high energy level is reduced by 13.77%, indicating that the impact resistance performance is significantly improved.