In order to improve predictive capabilities of numerical simulations, Yld2000-2D yield criterion is used to model the plastic anisotropic behaviors of AA5086 sheets. The parameters of Yld2000-2D yield criterion are identified based on the traditional testing strategy and the inverse identification strategy, respectively. The traditional testing strategy considers uniaxial and equi-biaxial tensile tests. The inverse identification strategy relies on the finite element model update (FEMU) method that couples with a biaxial tensile test using a dedicated cruciform specimen or the Pottier bulging test. The identified parameters are preliminarily evaluated by comparing predicted and experimental yield stresses, r-values, and yield loci. Then, the deep drawing test and simulations are performed. The identified parameter sets of Yld2000-2D yield criterion are further evaluated in terms of practical forming by comparing the predicted earing profile height with the experimental results. The results show that the inverse identification strategy can be an effective alternative to identify the parameters of Yld2000-2D yield criterion, and a well-designed heterogeneous test could lead to a better identification result.