This paper proposes an impact control method for a forging machine using a momentum exchange impact damper. This method is based on momentum conservation of two colliding bodies. A conventional added mass control method fails to suppress the acceleration and force transmission simultaneously. By using the momentum exchange impact damper, it is shown that the bed acceleration and the transmitted force to the floor are reduced. This paper presents a theoretical analysis of an impact damper and an optimum condition that leads to a minimization of the energy of a forging machine. An experimental analysis is shown to validate the simulation results.