In this work, we investigated the effect of Ca on the formability of the AZ31 Mg alloy. For this purpose, the microstructure, texture, mechanical properties and formability of AZ31 Mg alloy samples containing 0.5 wt. % Ca (AZ31-0.5Ca) were studied. For comparison, the performance of Ca-Free AZ31 alloy samples with similar grain size was also investigated. In addition, formability of this alloy was reached at a high punch speed. The results of this work showed that the addition of 0.5 wt. % Ca can enhance the formability of the AZ31 alloy, which was three times greater than that of the Ca-Free AZ31 alloy. The improved formability was attributed to the formation of (Mg,Al)2Ca particles (~1 μm), which, in turn, contribute to reducing the intensity of the strong basal texture during the primary processing of the alloy. The in-grain misorientation axis analysis determined by electron back-scattered diffraction and critical resolved shear stress calculations carried out by the viscoplastic self-consistent model showed that the non-basal slip systems could be activated in the AZ31-0.5Ca alloy.