It is difficult to estimate the properties of multilayered sheet because they are composed of one or more different materials. Plastic deformation behavior of the multilayered sheet is quite different as compared to each material individually. The deformation behavior of multilayered sheet should be investigated in order to prevent forming defects and to predict the properties of the formed part. In this study, the mechanical properties and formability of stainless steel-aluminum-magnesium multilayered sheet were investigated. The multilayered sheet needs to be deformed at an elevated temperature because of its poor formability at room temperature. Uniaxial tensile tests were performed at various temperatures and strain rates. Fracture patterns changed mainly at a temperature of $200^{circ}C$. Uniform and total elongation of multilayered sheet increased to values greater than those of each material when deformed at $250^{circ}C$. The limiting drawing ratio (LDR) was obtained using a circular cup deep drawing test to measure the formability of the multilayered sheet. A maximum value for the LDR of about 2 was achieved at $250^{circ}C$, which is the appropriate forming temperature for the Mg alloy. Fracture patterns on a circular cup and thickness of formed part were predicted by a rigid-viscoplastic FEM analysis. Two kinds of modeling techniques were used to simulate deep drawing process of multilayered sheet. A single-layer FE-model, which combines the three different layers into a macroscopic single layer, predicted well the thickness distribution of the drawn cup. In contrast, the location and the time of fracture were estimated better with a multi-layer FE model, which used different material properties for each of the three layers.