Two-layer metallic sheets have wide applications in various industries due to their superlative characteristics. This paper presents analytical model to investigate the formability of two-layer sheets based on Marciniak and Kuckzinsky (M-K) method using Barlat and Lian non-quadratic yield criterion. FEM simulation is also performed to calculate the forming limits based on bifurcation theory. Forming limit diagrams (FLDs) and forming limit stress diagrams (FLSDs) determined by analytical and numerical approaches are compared with experimental results of Al3105-St14 two-layer sheet to verify the validity of theoretical models. The formability of two-layer sheet is also compared with the formability of its components. The results show that the forming limit diagram of two-layer sheet is located between the FLDs of separate layers. The effects of the anisotropy and the orientation of layers on formability of two-layer sheet are studied. The higher formability will be achieved in the case of coincidence of rolling directions of layers.