This study investigates the applicability of various carrier materials in fan-out panel-level packaging (FOPLP) processes through finite element analysis (FEA). Numerical simulations were performed for RDL-first and molding-first process flows to evaluate warpage and stress distribution across different carrier types, including steel, glass, and ceramic. Two panel dimensions, 600 \(\:\times\:\) 700 mm and 680 \(\:\times\:\) 680 mm, were modeled under varying manufacturing processes, temperature settings, and material properties. The simulations incorporated both mechanical and chemical shrinkage effects, with the molding-first process modeled from compression molding to the debonding stage. The element birth and death technique was implemented to account for material addition and removal during processing, thereby enhancing simulation accuracy. The results indicate that the average reference temperature provides the lowest prediction error in the RDL-first process, while maximum von Mises stress consistently occurs in the RM 1 and WAL layers. Furthermore, a significant increase in warpage is observed during the debonding stage in the molding-first process. A comparative analysis between simulation and experimental results demonstrates a high level of agreement, confirming the validity and reliability of the modeling approach. By systematically examining the thermo-mechanical behavior of multiple carrier materials in different process flows, this work establishes a comprehensive design guideline for carrier selection and process optimization in advanced FOPLP manufacturing.