Abstract: A double-acting accelerated forging hammer and method of operation are disclosed. The hammer is of the type having a vertically oriented cylinder, a piston slidably mounted within the cylinder having a downwardly depending piston rod extending along the cylinder and attached to a hammer. A gas accumulator communicates with the cylinder above the piston for supplying gas under pressure thereto during a forging stroke, and a fluid accumulator communicating with the cylinder below the piston for supplying fluid thereto at a higher pressure than the gas to dirve the piston upwardly during a return stroke. A fluid tank supplies fluid to recharge the accumulator and receives fluid from the cylinder during the forging stroke. Variable valves control the rate of fluid flow from the cylinder and thereby control the rate at which the piston descends within the cylinder.