An elastic-plastic finite element formulation on the basis of the shell theory is given for the analysis of axisymmetric sheet forming such as hydraulic bulging, stretching with a rigid punch and so forth. Gotoh's plastic constitutive equation with an approximation and his fourth-order yield function are used, as well as the conventional J2-flow theory. Several numerical examples are made with the aid of a newly developed computer program in which isoparametric finite elements are used in order to conserve the continuity of the displacement and the slope across the element boundaries.