Abstract: Effects of process parameters on deep drawing performance of AZ31 magnesium alloy sheet were studied by combining orthogonal experiment and finite element simulation, and the process parameters were optimized. The results show that blank-holder force had the greatest influence on maximum thinning ratio of magnesium alloy cup-shaped pieces, and the following was punch rate, punch and die clearance, friction coefficient between punch and sheet, friction coefficient between die and sheet. The maximum thinning ratio increased with the increase of blank-holder force and punch rate, and showing a trend of first increase and then decrease with the increase of punch and die clearance and friction coefficient between sheet and die and plate. The optimized forming process parameters were applied to deep drawing process of AZ31 magnesium alloy sheet and qualified stamping was obtained, which verified the accuracy of finite element simulation.