The present invention discloses a process of manufacturing forged components using a combination of open die and closed die forging, and machining. The process involves the steps of cogging of the ingot, upsetting the cogged bloom in two steps to form a preform, closed forging the preform on a hammer, rough machining, heat treatment, semi-finishing, and finally finishing the component. The present invention is applicable to any forged components that are used in variety of industries, particularly those which are formed from large ingots. The invention is particularly useful for safety- and application-critical components such as a fluid end which is used in oil and gas industry. With the process of the present invention, 55 to 60% of the shape and size of the final component is achieved through forging and remaining 40 to 45% through machining. Incorporating the closed die forging stage in between open die forging and machining stages of the results in about 27% material reduction and over 60% reduction in machining time.