This paper presents a review on the formability evaluation of AHSS, enhancing necking-based failure criteria limitations. Complementary fracture/damage constitutive modeling approaches specifically tailored to formability evaluation, validated through numerical and experimental methods, are also subjects of research. AHSS are widely processed through sheet metal forming processes. Although an excellent choice when lightweight, high-strength, and ductility are critical factors, their multi-phase microstructure accentuates forming challenges. To accurately model forming behavior, necking-based failure criteria as well as direct fracture models require improvements. As a necking-based failure model, the conventional forming limit diagram/curve (FLD/FLC) presents limitations in estimating direct fracture (surface cracks, edge cracks, shear cracks), as well as deformation histories under non-linear strain paths. Thus, significant research efforts are being made towards the development of advanced fracture constitutive models capable of predicting fracture scenarios without necking, which are more frequently observed in the realm of AHSS. Scientific community research is divided into several directions aiming at improving the forming and fracture behavior accuracy of parts subjected to sheet metal forming operations. In this review paper, a comprehensive overview of ductile fracture modeling is presented. Firstly, the limitations of FLD/FLC in modeling fracture behavior in sheet metal forming operations are studied, followed by recent trends in constitutive material modeling. Afterwards, advancements in material characterization methods to cover a broad range of stress states are discussed. Finally, damage and fracture models predicting failure in AHSS are investigated. This review paper supplies relevant information on the current issues the sheet metal forming community is challenged with due to the trend towards AHSS employment in the automotive industry.