The poor formability of aluminum alloy at room temperature limits its use in some products with complex shapes, hence the warm forming process is intended to overcome this problem by using an elevated temperature. Now, the warm formability of AA5086 has not previously been well investigated in the literatures, especially at a rapid forming rate. In this paper, a numerical method has been developed to investigate the warm formability of an AA5086 sheet. Firstly, the dynamic tensile test was carried out under different forming temperatures and forming rates to identify an appropriate constitutive law for the sheet. The inverse analysis was performed to identify the parameter values in the constitutive law. Then based on the commercial finite element program ABAQUS, the Marciniak test was simulated to evaluate the sheet formability of by implementing a user-defined material subroutine UHARD. The effects of forming temperature and forming rate on sheet formability were investigated and it is shown that the formability of AA5086 seems to be insensitive to the forming temperature and forming rate.