In this study, the constitutive equation of the high-strength Mg-Gd-Y-Zn-Zr alloy sheet was established by tensile tests at different temperatures and different tensile rates. The U-shape bending forming process of the sheet was simulated under different process conditions by the DEFORM software. The variation rules of the stress field, strain field and free bending force of the formed parts were analyzed, and the accuracy of the finite element simulation was verified by the U-shaped bending test. Studies have shown that the equivalent stress, equivalent strain and free bending force decreased with the increase in forming temperature. With an increase in the stamping speed, the equivalent stress and free bending force increased, while the equivalent strain did not change significantly. Notably, the maximum difference in the free bending force between the test and simulation was less than 10%. The results of this study can provide guidance for the stamping forming of high-strength Mg-Gd-Y-Zn-Zr alloy sheets.