The present study is concerned with the prediction of deformation in incremental sheet forming (ISF) for a Ti6Al4V sheet. To investigate anisotropic and asymmetric behaviors, uniaxial tension and compression tests were conducted along the rolling direction (RD), diagonal direction (DD), and transverse direction (TD). A representative yield function for a HCP material, the Cazacu–Plunkett–Barlat (CPB06) yield criterion, was selected for constitutive modeling to take into account anisotropy/asymmetry-induced distortional yielding of the titanium alloy. The chord modulus degradation was confirmed through uniaxial loading–unloading tests. The ISF tests were carried out using a single contact-point tool following a truncated pyramid tool path. To predict the deformation during the ISF, finite element analyses were conducted with the ABAQUS explicit and the vectorized user-subroutine (VUMAT). The performance of various constitutive models was evaluated based on the comparison of deformed shapes and distribution of thickness from the experiment and the FEA.