In this study, the formability of the AZ31B magnesium alloy sheets was investigated in combination of experiment and CPFEM modelling. The deformation mechanisms during the Erichsen forming were revealed and the effect of the related parameters were discussed. It was shown that the simulation results based on the normalized Cockcroft-Latham criterion are consistent with the experimental results. The maximum stress and strain concentrate at the center of dome, and exhibit an elliptical distribution shape. The difference of asymmetry situation between the sheets results from the different textures. The basal <a> slip is the dominant mode, and the prismatic <a> slip is also active to accommodate plastic strain in sheet plane. The relative activity of the pyramidal <c+a> slip is low, but very effective to accommodate the plastic strain in thickness direction. The sheet with higher relative activity of the prismatic <a> and pyramidal <c+a> slips exhibit higher formability. The sheet thickness influences the formability through changing the stress-strain response, as well as the orientation-relationship between stress state and grains which can affect the deformation mechanisms. The formability depends on the plastic strain accommodation ability that is comprehensively related to the averaged plasticity, orientation-relationship between stress state and grains, r-value and n-value. CPFEM modeling is convenient pathway to predict the formability.