For anisotropic sheet metals, modeling of anisotropy and the Bauschinger effect is discussed in the framework of Yoshida‐Uemori kinematic hardening model incorporating with anisotropic yield functions. The performances of the models in predicting yield loci, cyclic stress‐strain responses on several types of steel and aluminum sheets are demonstrated by comparing the numerical simulation results with the corresponding experimental observations. From some examples of FE simulation of sheet metal forming and springback, it is concluded that modeling of both the anisotropy and the Bauschinger effect is essential for the accurate numerical simulation.