The current study presents a novel Tailored Forming process chain developed for the production of hybrid bearing bushings. In a first step, semi-finished products in the form of locally reinforced hollow profiles were produced using a new co-extrusion process. For this purpose, a modular tool concept was developed in which a steel tube made of a case-hardening steel, either C15 (AISI 1015) or 20MnCr5 (AISI 5120), is fed laterally into the tool. Inside the welding chamber, the steel tube is joined with the extruded aluminum alloy EN AW-6082. In the second step, sections from the compound profiles were formed into hybrid bearing bushings by die forging. In order to set the required forming temperatures for each material—aluminum and steel—simultaneously, a tailored heating strategy was developed, which enabled successful die forging of the hybrid workpiece to the desired bearing bushing geometry. Using either of the case-hardening steels in combination with aluminum, this novel process chain made it possible to produce intact hybrid bearing bushings, which showed both macroscopically and microscopically intimate material contact inside the compound zone.