Stretch flanging is a type of bending process widely used in automobile and aerospace industries. Forming of the stretch flange is mainly affected by three important parameters: materials of the sheet, the geometry of tools and different process parameters. This work focuses on the effect of punch profile on deformation behavior of AA5052 alloy sheet to form the stretch flange. Six punches of different geometry i.e. cylindrical, two stepped, three stepped, six stepped, conical and hemispherical are used. Results are presented in the form of edge crack in the sheet at edge corner and its propagation towards center, forming load comparison for different punch profile and distribution of radial and circumferential strain in the sheet. It is observed that the punch profile has a considerable effect on the deformation behavior of the sheet. Circumferential strain, radial strain and load requirement to form the flange are found to be minimum in hemispherical punch profile as compared to other punch profiles. Experiments are performed to validate the FE simulation results and results are found in very good agreement in terms of edge crack length. Fractography study shows uniform and large number of small size dimples at the fractured surface for hemispherical and conical punch profile.