Single-point incremental forming (SPIF) process comprises a set of process variables, such as forming tool diameter, vertical pitch, spindle rotation speed, and tool velocity, which may affect the forming behavior of the sheet to be deformed. The objective of this work is to study the effect of SPIF process parameters on forming characteristics and microstructure development for the AA-6061 (T6) aluminum alloy sheet. The SPIF experiments and finite element (FE) simulations were performed at different process parameters to achieve conical shapes from the AA-6061 blanks. The effect of process parameters on forming forces, thickness uniformity in wall region of the cone and surface roughness of the blank was analyzed. A detailed microstructure study was performed to analyze the effect of process variables on microstructure and texture evolution during the SPIF process. This study reveals that the process parameters are likely to influence the texture development especially at high tool diameter and vertical pitch values. Therefore, suitability and consequences of using different combinations of tool diameter and vertical pitch values are discussed for AA-6061 alloy.