Forming simulation requires a constitutive model whose parameters are typically determined with tensile tests assumed static. However, this conventional approach is impractical for high-speed forming simulation characterized by high strain rates inducing transient effects. To identify constitutive parameters in relation to high-speed forming simulation, we formulated the problem of constitutive modeling as inverse parameter estimation addressed by regularized nonlinear least squares. Regarding the proposed inverse constitutive modeling, we adopted the L-curve method for proper regularization and model order reduction for rapid simulation. For demonstration, we corroborated the proposed strategy by identifying the modified Johnson–Cook model in the context of a free bulge test with electromagnetic metal forming simulation. The L-curve method allowed us to systematically choose a regularization parameter, and model order reduction brought enormous computational savings. After identifying constitutive parameters, we successfully verified and validated the reduced and original simulation models, respectively, with a manufactured workpiece. In addition, we validated the numerically identified constitutive model with a dynamic material test using a split Hopkinson pressure bar. Overall, we showed that inverse constitutive modeling for high-speed forming simulation can be effectively tackled by regularized nonlinear least squares with the help of an L-curve and a reduced-order model.