Based on the bulging principle of different ellipticity dies, the methyl vinyl silicone rubber with excellent thermal stability and heat transfer performance was chosen as the viscous medium. The finite element analysis and experiments of viscous warm pressure bulging (VWPB) of AZ31B magnesium alloy were conducted to analyze the influence of different ellipticity dies on the formability of AZ31B magnesium alloy. At the same time, based on the grid strain rule, the forming limit diagram (FLD) of VWPB of AZ31B magnesium alloy was obtained through measuring the strain of bulging specimens. The results showed that at the temperature range of viscous medium thermal stability, the viscous medium can fit the geometry variation of sheet and generate non-uniform pressure field, and as the die ellipticity increases, the difference value of non-uniform pressure reduces. Meanwhile, according to the FLD, the relationship between part complexity and ultimate deformation was investigated.