The additive manufacturing technology is progressing at a faster rate than any other manufacturing process, as it influences the process innovatively and facilitates customize products and iterative design, which help the production system to achieve a higher goal. Further, rapid prototyping like the 3D printing process is now being the alternative support system for traditional manufacturing. The industries are relying on rapid prototyping, which is now a key factor in competitive leading market conditions. Due to the growing interest, industries such as sheet metal forming, aerospace, automotive, healthcare, electronics, food, fashion, and retail are adopting this technology aggressively. On the other hand, to optimize the geometry and process parameters of sheet metal forming for economic batch production, sheet metal industries are using 3D printed tools for forming processes. In this study, the review of sheet metal forming processes is done based on the design of tooling development by Fusion Deposition Modelling 3d printing technology. Further process parameters like punch force, blank holding force, anisotropy, clearance, bend allowance are studied for deep drawing and V-bending process. In a later stage cost, comparisons of standard steel tools and polylactic acid (PLA) tools are carried out on basis of volume, density, and cost. The findings suggest that 3d printed tools can be used for small lot production due to easy availability and flexibility in the manufacturing system of the sheet metal forming process.