The objective of the current study is to develop a practical, deterministic approach to the prediction of the in-plane formability of two third generation advanced high-strength steels (AHSS) of 980 and 1180 MPa ultimate tensile strength using only quasi-static mechanical property data. The hardening response to large strains was experimentally measured with the use of simple shear and tensile tests and validated in tensile simulations. The process-corrected limit strains in the Nakazima and Marciniak tests were compared to various analytical Forming Limit Curve (FLC) models for in-plane stretching. It was observed that the widely-used Marciniak–Kuczynski model can adequately predict the experimental FLC in biaxial stretching but significantly underestimated the limit strains in uniaxial stretching for both third generation AHSS. The observed through-thickness shear fracture mode in biaxial stretching was reasonably well-captured by the Bressan–Williams (BW) instability model for the 1180 MPa steel. A proposed extension of the BW model to uniaxial tension by adoption of the maximum in-plane shear stress criterion (BWx model) provided superior experimental correlation relative to the zero-extension model of Hill that was too conservative. Finally, a linearized version of the modified maximum force criterion (MMFC) was proposed that markedly improved the correlation with the process-corrected FLC for in-plane stretching of AHSS. The developed framework for FLC prediction was then applied to a DP980 AHSS and an AA5182 aluminum alloy from the literature. The DP980 corroborated the observed trend for the two third generation AHSS whereas the MK and the BWx models performed best for the AA5182 with its saturation-type hardening behavior and non-quadratic yield surface.