The effects of heat treatments and testing temperatures on the mechanical properties of Invar materials were investigated through experiments, which call influence the formability in metal forming fields. Annealing temperatures were changed from $900^{circ}C$ to $1200^{circ}C$ with an increment of $100^{circ}C$ under two different furnace atmosphere(vacuum and H$_2$gas). Microstructure and hardness tests were performed for annealed specimens at room temperature(RT) and tensile tests were also performed by changing annealing temperatures as well as testing temperatures from RT to $300^{circ}C$. The grain size of annealed materials increased with increasing annealing temperature, while micro-hardness distributions showed almost same hardness values regardless of annealing temperatures. Strength ratio (tensile/yield strength), which influences the forming characteristics of sheet metal, remained almost constant for various experimental conditions in case of unannealed specimens. However, it showed increasing tendency with increasing both annealing and testing temperatures, particularly at the testing temperature higher than $200^{circ}C$. Therefore it can be concluded that press formability of fully-annealed Invar material can be improved by warm forming technique.