Sheet metal forming of Mg alloy is usually performed at elevated temperature because of the low formability at room temperature. Therefore, strain rates affected with the forming temperature and speed must be considered as important factor about formability. Effects of process parameters such as various temperatures and forming speeds were investigated in circular cup deep drawing. From the experimental results, it is known that LDR (Limit Drawing Ratio) increase as the strain rate increase. On the contrary, the FLD (Forming Limit Diagram) shows lower value as faster strain rate. Therefore, anisotropy values are investigated according to the temperature and strain rates at each forming temperature. R-values also represent higher value as faster strain rate. It is known that the formability can be different with the deformation mode on warm forming of AZ31 alloy sheet.