The study is concerned with the theoretical and experimental investigation of axisymmetric fluid pressure-driven hydroforming of sheet metal by forming over the die cavity. The rigid-plastic finite element method is employed to calculate the stress and strain distribution. The effect of blank size and die radius is also studied in the finite element analysis. Experiments are carried out for hydroforming of cold-rolled steel sheets under various process conditions. The computational results are compared with the experimental results for the forming pressure vs. pole displacement relations and strain distributions. Comparison has shown that theoretical predictions by the finite element method are in good agreement with the experiment with the experimental observations. Thus, it is shown that the rigid-plastic finite element method is effectively used in the analysis of axisymmetric fluid pressure-driven hydroforming process.