A cylindrical deep drawing test was conducted for the purpose of improving the drawability, product accuracy, and quality in warm deep drawing using a superplastic material with large strain rate dependence. Then, the effects of blank holding force (BHF) and punch speed (SPD) on the flange wrinkle behavior and wall thickness distribution were investigated by experiments and theoretical analysis. A Zn-22Al-0.5Cu-0.01Mg alloy superplastic material SPZ2 with a sheet thickness of 1 mm was employed as the experimental material, and a cylindrical deep drawing experiment with the drawing ratio (DR) of 3.1 and 5 was performed at 250 °C. A good agreement was qualitatively obtained between the elementary theory on the flange wrinkle limit, the fracture limit, and the experimental results. In addition, the authors examined each variable BHF and SPD method obtained from the theory and experimentally demonstrated that the variable BHF method has a great effect on uniform wall thickness distribution and that variable SPD has a great effect on shortening the processing time for superplastic materials. Furthermore, the authors demonstrated the effectiveness of the variable BHF/SPD deep drawing method that varies both BHF and SPD simultaneously.