In today’s automotive industry, the thick sheet materials used in the regions where safety is at the forefront have been replaced with thin and more durable sheets. Deep drawing has been widely used in their processing. The parameters affecting their formability quality need to be identified. In this study the appropriate corner radius value for the die entrance and the punch nose in the forming of the high strength dual-phase 500 steel sheets was determined. Initially, deep drawing tests were performed. Secondly, a three dimensional FE model of the process was developed. Forming Limit Diagram (FLD) damage initiation criteria accompanied by an appropriate damage evolution law was used to simulate the cracks formed in the samples in the course of deformation. The time history of the molding force, occurrence of the cracking and earing in the products as well as their thickness distribution for different tool geometries were predicted, and they were compared with those obtained experimentally.