The present work deals with the development of an analytical model incorporating the effects of anisotropy and strain hardening to predict the springback in V-bending of two-ply sheet metal using a punch profile radius of 15 mm and included a bend angle of 90 deg. In the analytical model, the total bending moment is determined from resulting bending stresses for two different layers arranged in parallel planes one above the other and a new radius of curvature after springback is determined by applying a negative bending moment. The two-ply sheet composed of layers of AA1050 and SS430 is characterized for its tensile properties to be used in analytical and numerical models for prediction of springback. To study the effect of each layer during bending operation, two possible cases of sheet placements during bending and springback are studied; i.e., in the first case, the inner layer is of AA1050 while the SS430 layer is the outer layer whereas in the second case it is opposite. In all the cases of springback experiments when the outer layer is of SS430, the springback values are higher than the values obtained with the specimens when the inner layer is of SS430. This could be attributed to the higher tensile strength of the stainless steel layer and the higher bending radius experienced by it. The springback behaviors are also analyzed by simulations using Hill's anisotropic yield criterion in abaqus software. The springback results obtained by simulations and analytical models are in good agreement in general; however, in some cases, discrepancy of more than 15% is observed in the analytical results when compared with the experimental results.