This paper investigates the effect of strain rate on the anisotropic deformation behavior of advanced high strength steel sheets. Uniaxial tensile tests were carried out on TRIP590 and DP780 steel sheets at strain rates ranging from 0.001/sec to 100/sec to determine yield stresses and r-values at various loading angles from the reference rolling direction. R-values were determined by the digital image correlation technique. Hill48 and Yld2000-2d yield functions were tested for their capability to describe the plastic deformation anisotropy of the materials. Initial yield loci were constructed using the Yld2000-2d yield function, which adequately described the anisotropic behavior of the materials. The shape of the initial yield loci was found to change with different strain rate, and the anisotropic behavior decreased with increasing strain rate.