Magnetorheological (MR) fluid is a kind of smart material. In this paper, magnetorheological (MR) fluid is applied as a flexible-die, the rheological properties of which can be changed rapidly under a magnetic field, in sheet metal forming process. Bulge tests using a kind of MR fluid, MRF-J01T, are carried out on self-designed experimental device. Stainless steel 1Cr18Ni9Ti combined with different process parameters are adopted to investigate the effect of property of MR fluid on the formability of material tested. The results showed that MR fluid can be utilized successfully as a pressure-carrying medium in sheet forming process. The rheological properties of MR fluid can greatly influence the dome height and thickness strain distribution of specimens.