Sheet metal forming processes generally involve large deformations together with complex loading sequences. In order to improve numerical simulation predictions of sheet parts forming, physically-based constitutive models are often required. The main objective of this paper is to analyze the strain localization phenomenon during the plastic deformation of sheet metals in the context of such advanced constitutive models. Most often, an accurate prediction of localization requires damage to be considered in the finite element simulation. For this purpose, an advanced, anisotropic elastic-plastic model, formulated within the large strain framework and taking strain-path changes into account, has been coupled with an isotropic damage model. This coupling is carried out within the framework of continuum damage mechanics. In order to detect the strain localization during sheet metal forming, Rice's localization criterion has been considered, thus predicting the limit strains at the occurrence of shear bands as well as their orientation. The coupled elastic-plastic-damage model has been implemented in Abaqus/Implicit. The application of the model to the prediction of Forming Limit Diagrams (FLDs) provided results that are consistent with the literature and emphasized the impact of the hardening model on the strain-path dependency of the FLD. The fully threedimensional formulation adopted in the numerical development allowed for some new results -e.g. the out-of-plane orientation of the normal to the localization band, as well as more realistic values for its in-plane orientation.