This paper is concerned with modeling of a ductile fracture criterion for sheet metal considering anisotropy to predict the sudden fracture of advanced high strength steel (AHSS) sheets during complicated forming processes. The Lou−Huh ductile fracture criterion is modified using the Hill’s 48 anisotropic plastic potential instead of the von Mises isotropic plastic potential to take account of the influence of anisotropy on the equivalent plastic strain at the onset of fracture. To determine the coefficients of the model proposed, a two dimensional digital image correlation (2D-DIC) method is utilized to measure the strain histories on the surface of three different types of specimens during deformation. For the derivation of an anisotropic ductile fracture model, principal stresses are expressed in terms of the stress triaxiality, the Lode parameter, and the equivalent stress based on the Hill’s 48 anisotropic plastic potential. The proposed anisotropic ductile fracture criterion was quantitatively evaluated according to various directions of the maximum principal stress. Fracture forming limit diagrams were also constructed to evaluate the forming limit in sheet metal forming of AHSS sheets over a wide range of loading conditions.