This article investigated the formability of aluminum/copper bimetal sheets during single-point incremental forming. First, the two-layer sheets were produced by the explosive welding process; then, the rolling process was performed with 50% strain on two-layer samples. Considering the importance of examining the mechanical and metallurgical properties on the formability of the two-layer samples, the mechanical properties were first examined, including the uniaxial tensile and micro-hardness tests. Then, metallurgical tests were performed, including scanning electron microscopy equipped with energy-dispersive X-ray spectroscopy (SEM-EDX) to investigate the fracture surface and penetration depth and an X-ray diffraction (XRD) test to check the secondary phase particles in the penetration zone of Al and Cu in five different annealing temperature conditions. Considering that the forming limit diagram (FLD) is dependent on the strain path, to study the effect of the strain path, the two-layer samples were formed by three geometries: pyramid, cone, and straight groove. Simulations of FLD by Abaqus software 6.14-4 with four different methods were studied: FLDCRT, effective strain rate (ESR), second derivation of thinning (SDT), and maximum strain rate (MSR). The results showed that the FLDCRT criterion provided a more accurate estimate of the necking time. In the following, the values of the thickness distribution were carried out by experimental and numerical methods, and the results between the methods were in good agreement.