In the present research work, parts are formed using two-step hybrid incremental sheet forming (HISF) process. The effect of process parameters such as preform tool size, tool diameter, and preforming depth on thinning in the formed part is studied. A simulation model is developed and simulation results are compared with the experimental results. Also, results of HISF process are compared with the results of single point incremental sheet forming. The simulation results are in good agreement with the experimental results. It is observed that HISF process results in lower thinning as compared to SPIF process. Further, it is found that preform tool size has considerable influence on the minimum thickness of formed part. Large preform tools result in relatively lower thinning.