The dimensional stability of press-formed paperboard trays was investigated during heating and cooling of trays packed with oatmeal. Female mold tool temperature, dwell time, pressing force, and blank holding force were altered in the press-forming of the trays to observe their impacts on the dimensional stability. Dimensional measurements of the trays showed reduced tray width, and the trays exhibited distortions on the tray flange and outer wall. The results showed smaller effects on the tray length, parallel to the machine direction of the material. Improved dimensional stability of the trays was found with a 180 °C female mold tool temperature, a 600-ms dwell time, a 150-kN pressing force, and a 1.44-kN blank holding force. The optimal press-forming parameters were concluded to enhance bonding of the paperboard fibers during the press-forming. The optimization of the press-forming parameters was found necessary to reduce the observed negative response of the material to the challenging environmental conditions in the production of prepared food.