Forming modern advanced high strength steels poses challenges that were not of real importance in the previous decades. These challenges are the result of the steels’ complex microstructures and hardening behaviors, and the problems directly related to the high strength of the material, especially springback. New methodologies and processes are required to overcome these challenges and to produce formed panels via optimized forming processes. This paper reviews the key developments in the fields of numerical simulation of sheet forming processes, the material models required to obtain accurate results, and the advanced stamping presses and approaches for shaping modern steel sheet materials into desired shapes. Present research trends are summarized, which point to further developmental possibilities. Within the next decade, it is predicted that numerical simulations will become an integral part of the developmental and optimization process for stamping tools and forming processes. In addition to predicting the strains in the formed panel and its shape after trimming and springback, the simulation technology will also determine the optimum displacement path of the forming tool elements to realize minimum springback. Toward those goals, digital servo presses are expected to become an integral element of the overall forming technology.