This chapter discusses methods of modeling and simulating metal forming processes and explains their application in product design, production and process planning. In today’s Finite Element (FE)-based forming analysis, major effects on the forming process are being neglected. Based on the analysis of the elastostatic press and tool properties, a conventional FE process model was extended with the most dominant elastostatic influences. It is shown that complex elastic systems, such as die cushions and tool guidance, are quite easily implemented in FE process simulations by using discrete elements and other reduction methods, recently introduced in commercial simulation software. The benefit of the Advanced Forming Process Model (AFPM) is demonstrated by an experimental verification. Servo mechanical presses enable the manufacturers to establish high-speed processes in sheet metal forming. There, the dynamic press behavior has a much larger influence on the forming process than it has in the relatively static conventional deep drawing. As an example, a highly dynamic forming process is simulated and explained in the following.