The characterization of mechanical vibrations in a hammer forging process is a tremendously important parameter for machine design and production engineering. The dynamic response of a forging hammer to the reaction forces is affected by material behaviour, time, spring-damper system and foundation. In this research firstly, the effect of mass ratio and coefficient of restitution on the forging efficiency were theoretical characterized. The interesting influence of anvil initial velocity on the forging efficiency is also analytically presented. The mechanical vibrations of a LASCO HO U-315 hammer were experimentally investigated. Two steel grades a S355 and a 42CrMo4 were used to forge trial parts. The velocity of the ram and acceleration of the anvil during a hot die forging process were measured using a laser velocity meter type LSV-2000-45. The influences of forging time, coefficient of restitution, energy loss and time interval (delay) between blows on the efficiency of the forging process were examined. The energy loss before die contact was determined to be approximately 10%. The investigations also showed that a variation of the time interval between blows within the usual range has no effect on the intensity of the vibrations of the anvil nor on the energy loss of the hammer. The dependence of the free damped vibrations of the anvil on machine stiffness, damper coefficient and mass of machine has been confirmed. Additionally, the loss of energy due to hammer movement as well as the free damped mechanical vibrations of the anvil were theoretically analysed in order to verify the experimental findings. Theoretical analysis showed an anvil initial velocity of approximately 0.2 m/s results in a 4% increase of forging efficiency. A good agreement between the experimental and theoretical results was observed.