The forming limit diagram is assessed as a means of estimating the forming characteristics of sheet metal and is usually determined experimentally. The strain rates used in the determination are likely to be low. However, often in practice, the strain rates are much higher, so if forming limit diagram is determined at low rates, it may not be appropriate. This paper reconsiders the forming limit diagram for mild steel and aluminum sheet up to variation in strain rate from 10$^{-2}$ sec to 20/sec where its forming has been carried out under oil pressure using a hydraulic bulge test with circular and elliptical dies. To obtain higher strain rate, an impact bulge test had been employed with the same die sets as those used for a hydraulic bulge test. The results obtained are as follows: (1) As the strain rate increases, the fracture pressure increases and the polar height at fracture decreases. (2) Experiment has shown that, in the positive quadrant of the forming limit diagram, the diagram is lowered with increasing strain rate and the effect of strain rate changes according to strain paths and materials..