In this study, the formability of woven carbon-fiber (CF)-reinforced polyether-ether-ketone (PEEK) composite sheets in the solid-state thermoforming process were investigated, and the failure mechanisms were discussed. The formability of the woven CF/PEEK sheets were analyzed using flexural tests, Erichsen test, and microscopic observation. The results show that the formability of CF/PEEK sheets significantly increases as the temperature rises from 165 to 325 °C, and slightly decreases as the deformation speed rises from 2 to 120 mm/min. The deformation of the sheets is caused by plastic deformation, shear deformation and squeeze deformation, without plastic thinning and fiber slippage, which is due to the restriction of the solid matrix and locked fibers. Moreover, the wrinkles will cause fiber fracture at lower temperatures and delamination at higher temperatures. At higher temperatures, the wrinkles mainly occur at the position with [0°/90°] fibers due to the squeezing of the matrix and fibers.