For the purpose of applying a modified 5083 alloy (New 5083M alloy) with high Mg content in various automotive sheet parts, the stretch forming behavior of the 5083M alloy was studied in tensile mode at a wide range of processing conditions. The tensile tests were conducted by using a tensile test machine under the temperature ranges of 100–400 °C and the strain rate ranges of 0.001–1 s−1. The test results showed that the 5083M alloy has superior mechanical properties to that of the commercial 5083 alloy at elevated temperatures. The microstructure before and after the stretch forming was analyzed using optical microscope (OM) equipped with a polarizing filter and electron backscattered diffraction (EBSD) unit. Deformed microstructure was observed under low temperature conditions and dynamic recrystallized microstructure under high temperature conditions. However, regardless of microstructure evolution, developed deformation textures were distributed in orientation distribution functions (ODF) images. In addition, at high temperature and low strain rate condition, complex shaped cavities which were detrimental to mechanical properties appeared at the grain boundary and grain triple junction. Based on the test results data, a constitutive equation predicting the deformation behavior of the 5083M alloy was derived. The calculated curves by the constitutive equation were compared with the measured curves by experiment and agreed well.