The Incremental Sheet Forming (ISF) is an effective forming method developed especially for rapid prototyping and small-batch production of sheet metals. The selection of parameters (in particular, vertical step size and toolpath geometry) in ISF is crucial. Besides, each parameter has different effects on the desired geometry, sheet thickness, forming time, and productivity. In this study, the ISF process was analyzed by investigating the effects of ISF parameters. For this purpose, AA5754 sheets were formed by different ISF parameters. The effects of toolpath strategies (based on the vertical step size) were examined with three spindle speeds and three feed rates. To achieve that objective, constant, increasing, and decreasing vertical step sizes were used for the first time in the same study. After the forming, the forming time, geometric tolerance, and thickness values were analyzed. Besides, the efficiency of each parameter on the ISF process was investigated with the Pareto analysis. It has been revealed that each strategy has some advantages and disadvantages in ISF. The shortest forming time (1.55 min), the best geometric tolerance values (−0.05 mm, +0.2 mm), and the best thickness values (0.58 mm, 0.51 mm) were achieved following toolpath strategy 1, strategy 2, and strategy 3, respectively. The Pareto analysis showed that spindle speed and feed rate have a significant effect on toolpath strategies. The results obtained from this study will shed light on the effective advancement of small-batch production of sheets. Furthermore, the study contributes to the determination of parameters according to which of the sheet metal properties are desired.