In this study, the effects of aging heat treatment of 15-5 PH stainless steel material on the mechanical properties, microstructure, and formability were investigated. Instead of cooling in air, cooling in the oven spontaneously was applied in the oven for the first time. Experimental studies show that aging heat treatment was applied for H900, H1025, and H1150 conditions at temperatures of 482 °C, 552 °C, and 621 °C, respectively, and 60 min for H900 and 240 min for H1025 and H1150. It has been observed that controlled cooling in the oven increases the mechanical values of the material obtained by cooling in the air by 8%–10%. The microstructures of the conditions after heat treatment were also examined, and it was observed that the cooling aging heat treatment in the oven caused precipitation hardening in the microstructure of the material. In addition, when evaluating the formability of the results using V-bending, it was observed that materials which could not withstand bending beyond 75° in Condition A (Con A), the initial state of the material, were smoothly shaped in all conditions and at all angles as a result of the cooling process in the oven. A decrease in spring-back angles has been detected due to the decrease in mechanical properties caused by increasing aging temperature. The highest spring-back value was also observed on a 75° bending die with 10.948° in the H900 condition which has the highest mechanical properties.