This study describes a dynamic model of the hydroforming process which is used for precision forming of sheet metals. To help the controller design for the control of the forming pressure needed for this process as well as to investigate the effect of system parameters on the dynamic behavior, dynamic modeling is performed with emphasis on hydraulic servo system which actuates the forming machine. Since the model contains several unknown parameters, these were estimated via a least square parameter identification method. Based upon the identified model, a series of simulations were performed for various operating conditions. The results were compared with those of the experiments to verify the validity of the proposed model. The comparison study shows that the proposed dynamic model can describe dynamic behavior of the forming pressure of the hydroforming process to desirable accuracy.