In order to verify the feasibility of non-lubricated incremental sheet punching (ISP), some truncated cones with continuously varying wall angle and truncated pyramids of two materials were formed by ISP under lubricated and non-lubricated conditions, respectively. Based on the experimental results, the effects of lubrication on sheet formability and surface roughness of formed parts were quantitatively evaluated. For comparison, the same experiments were carried out by conventional incremental sheet forming (ISF). The experimental results show that the sheet formability in non-lubricated ISF is significantly lower than that in lubricated ISF, and the surface roughness in non-lubricated ISF is much higher than that in lubricated ISF. Unlike the non-lubricated ISF, the non-lubricated ISP has a high sheet formability and surface quality, which is like the lubricated ISP. Therefore, non-lubricated ISP is feasible.