The multi-material assembled light alloy wheel presents an effective lightweight solution for new energy vehicles, but its riveting connection remains a problem. To address this problem, this paper proposed the explicit riveting-implicit springback-implicit fatigue/explicit impact sequence coupling simulation analysis method, analyzed the fatigue and impact performance of the punching riveting connected magnesium/aluminum alloy (Mg/Al) assembled wheel, and constructed some major evaluation indicators. The accuracy of the proposed simulation method was verified by conducting physical experiments of single and cross lap joints. The punching riveting process parameters of the assembled wheel joints were defined as design variables, and the fatigue and impact performance of the assembled wheel was defined as the optimization objective. The connection-performance integration multi-objective optimization design of the assembled wheel considering riveting residual stress was designed via Taguchi experiment, grey relational analysis, analytic hierarchy process, principal component analysis, and entropy weighting methods. The optimization results of the three weighting methods were compared, and the optimal combination of design variables was determined. The fatigue and impact performance of the Mg/Al assembled wheel were effectively improved after optimization.