This paper investigates the effect of material properties on the formability of sheet metals based on the Marciniak-Kuczynski model (M-K model). The hardening behavior of the material is modeled as the Hollomon model with the strain rate effect. The yield surfaces are constructed with Hosford79 yield function. The material properties considered in this study include the R-value, the strain hardening exponent, the strain rate hardening exponent, and the crystal structure of the material. The effect of the crystal structure on formability is roughly expressed as the change of the yield surface by varying the value of the exponent in Hosford79 yield function. Results show that the R-value affects neither the magnitude nor the shape of right hand side of forming limit diagrams (FLDs). Higher strain hardening exponent and higher strain rate hardening exponent improve the formability of sheet metals because they stabilize the forming processes.