In the last two decades, the advances of using computers in sheet metal forming processes have introduced a novel adjustable process known as incremental sheet forming (ISF) as an optimal method for fast prototyping and low numbers of production. Formability and deformation behavior of ISF process are highly affected by the selected process parameters, such as the toolpath, step size, tool diameter, feed rate, and lubrication. The purpose of this work was to study the effect of these process parameters as well as hardening law on single point incremental forming (SPIF) process. For this work, a truncated-cone geometry was considered as a target shape with 7075-O aluminum alloy sheets. The simulations were conducted with different process parameters, i.e., toolpath type, step size, tool size, feed rate, friction coefficient, and wall angle with respect to the tool force and moment, effective plastic strain distribution and thickness of the part. In addition, three types of hardening laws i.e., isotropic extended Voce type hardening law, combined isotropic-kinematic Chaboche type hardening laws with single and double back-stress terms were applied in the finite element simulation of SPIF process. A detailed comparison of these hardening laws' predictions was made with respect to the tool force and moment, effective plastic strain distribution and thickness of the part.