Press forming of magnesium alloy sheet is conducted at elevated temperatures to improve the press formability due to its low formability at room temperature. At elevated temperatures, magnesium alloy sheet formability is known to be very sensitive to the strain rate. In this paper, warm deep drawing tests of magnesium alloy AZ31 sheet was conducted under double forming velocity as well as single forming velocity to examine the formability change by forming velocity profile. The observed formability improvement by double forming velocity was analyzed by using the finite element analysis.