This paper studies the anisotropy behavior and forming limit of 5182-H111 aluminum alloy by experiments and theoretical analysis. The uniaxial tension tests for three different sheet directions were conducted to investigate the anisotropic properties of Al5182-H111 sheet. Moreover, the Nakajima tests for both rolling and transverse directions were performed to get the forming limit data. The experimental results show that the forming limit curves (FLCs) for rolling direction are much lower than that for transverse direction. In order to further investigate the influence of anisotropic properties on FLCs, the theoretical prediction of FLC was accomplished based on three different hardening laws. The results show that the theoretical FLC with Ghosh hardening law has much better agreement with experimental data. Furthermore, a new FLC was proposed by extending the forming limit from the strain state of uniaxial tension at transverse direction to the strain state of uniaxial tension at rolling direction. The adaptability of new FLC was verified in the Drawing test and Erichsen cupping test.