This work is concerned with forming, specifically deep drawing, and its influence on the micro-mechanical properties of sheet metal. In practice, there are several applications in which fractions can occur due to weak spots in the deep-drawn sheet metal, especially after long-term use. The deep drawing process was carried out on BUP–600 machines using the LHD (Limiting Dome Height) method, which uses a forming tool with a diameter of 100 mm and bead groove. Sheet metals X8CrMnNi19-6-3 (1.4376) with thicknesses of 1, 1.5, and 3 mm were selected for this process. To study the effect of a lubricant on the formability of the sheet metal, deep drawing without and with a lubricant was compared. An FEM analysis was conducted to identify critical points in the deep drawing process, and the results were later compared with real results. The analysis was conducted using the AutoForm program. The micro-mechanical properties of these points were subsequently examined. The specified points on the formed part showed significant differences in their micro-mechanical properties, suggesting a higher strength but also less resistance to fractures. The difference in micro-mechanical properties (indentation and Vickers hardness) in points that were not deep-drawn and points located in critical areas was up to 86%. Significant changes in behavior were found in the indentation modulus and plastic/elastic deformation work as well. This study demonstrates the significant effect of the use of a lubricant in achieving the deep drawing of the sheet metal. The application of a lubricant resulted in a 33% increase in drawing range compared to drawing without lubrication. This study has a significant influence on the deep drawing of sheet metals in practice, showing the fundamental influence of the lubricant on the drawing process and also showing the problem of critical points that need to be eliminated.