Based'on a dynamic analysis method and an explicit algorithm, a dynamic explicit finite element code was developed for modeling the fast upsetting process of block under drop hammer impact, in which the hammer velocity during the deformation was calculated by energy conservation law according to the operating principle of hammer equipment. The stress wave propagation and its effect on the deformation were analyzed by the stress and strain distributions. Industrial pure lead, oxygen-free high-conductivity (OFHC) copper and 7039 aluminum alloy were chosen to investigate the effect of material parameters on the stress wave propagation. The results show that the stress wave propagates from top to bottom of block, and then reflects back when it reaches the bottom surface. After that, stress wave propagates and reflects repeatedly between the upper surface and bottom surface. The stress wave propagation has a significant effect on the deformation at the initial stage, and then becomes weak at the middle-final stage. When the ratio of elastic modulus or the slope of stress-strain curve to mass density becomes larger, the velocity of stress wave propagation increases, and the influence of stress wave on the deformation becomes small.