As an advanced sheet metal processing technology, fine blanking is usually used to produce precision parts for automobiles, aerospace, and other industries, but the forming process consumes huge energy. The previous research on fine blanking has mainly focused on improving the forming quality, but the analysis of process energy consumption is rare. Firstly, the energy consumption of the fine blanking process was analyzed theoretically, and a theoretical model was established. Then, the Ludwik hardening model and Oyane fracture criterion for 16MnCr5 were constructed. Next, the orthogonal experiment was designed to analyze the influence and degree of the main process parameters on surface quality and process energy consumption. Among them, blanking clearance, blank holder type, and blank holder force have the greatest influence on the size of the shear zone, energy consumption of deformation, and total process energy consumption, respectively. Furthermore, the influence mechanism of key process parameters on process energy consumption was deeply revealed from the perspective of deformation area, hydrostatic stress change, and material flow velocity, which provided a theoretical basis for green fine blanking. Finally, the fine blanking experiment was carried out to verify the great difference in surface quality and energy consumption under different process parameter combinations. This paper provides a theoretical direction for the fine blanking process, which can not only get high surface quality but also save energy consumption.