<p>Stretch flanging or hole flanging is an important sheet metal forming process in which a pre-existing hole is expanded to form a flange. It is usually assessed by a standard hole expansion test. Reliable prediction of stresses, strains, thickness reduction, and failure during sheet metal forming simulations largely depends on how accurately the constitutive material model captures the deformation response of the sheet. In this study, stretch flangeability of dual phase steel (DP600) sheets is investigated by finite element (FE) simulation of the hole expansion test using a materials model that incorporates the influence of anisotropy and biaxial yield stress in the yielding behavior of DP600 steel. The biaxial material properties were evaluated by conducting cruciform tests. Simulations were conducted using different anisotropic yield criteria and hardening laws. The hole expansion ratio (HER) and thinning, predicted by FE simulations, were validated through hole expansion tests conducted as per ISO 16630:2017 using a conical punch. The results show that the materials model with YLD2000 yield criterion and Voce hardening law provided a closer agreement with experimental HER and maximum thinning values. The study demonstrates the significant impact of material model selection on the accuracy of numerical prediction of stretch flangeability for high-strength steels.</p>