As the virtual prototyping of forming operations and systems becomes a real prospect for industries, reliable and versatile simulation software must be created to efficiently and accurately predict the events products and processes are subjected to. Useful and efficient models and tests able to evaluate the different aspects of the material response to plastic deformation are among the most critical prerequisites. The knowledge of how the material performs during and after deformation has, in fact, a great impact on product design and manufacturing decisions. This paper attempts to critically assess the modelling and testing approaches and techniques for predicting material response that are available today and then to discuss the latest developments in research labs and industrial applications in the fields of modelling and testing. The emphasis is on what is changing and must still change in order to provide industrial process designers with more useful models and efficient tests that can meet the increasing demand for accurate processes and product simulation.