In this study, various structures are designed to improve the bearing capacity of belt-type ultra-high-pressure dies. Via theoretical analysis, numerical simulation, and destructive experiments, the stress distribution, bearing capacity, and failure principle of various dies are analyzed. The results demonstrate that the positive and negative values of the third invariant of the deviatoric stress tensor J3′ determine the deformation mode of the cylinder; when J3′ > 0, the cylinder is in the tensile deformation state, and when J3′ < 0, the cylinder is in the compressive deformation state. The third invariant of the deviatoric stress tensor of the belt-type cylinder is J3′ > 0, which causes tensile failure and rupture due to excessive circumferential stress. The use of a split cylinder can significantly reduce the circumferential stress, thus effectively reducing the maximum shear stress and von Mises stress and improving the pressure capacity of the cavity. However, when J3′ > 0 for the split cylinder, the pressure capacity is affected and the cylinder experiences tensile failure. A tangential split cylinder has a compressive deformation of J3′ < 0, which can fully utilize the properties of hard alloy materials and significantly improve the pressure-bearing capacity of the cylinder. This article provides an effective optimization design theory for belt-type dies, and the effectiveness of this method is proven through experiments.