In this study, a hybrid composite material was fabricated by stacking carbon fiber–reinforced plastic on CR340 plates to increase the specific strength and specific stiffness, compared to thick boron steel plates or dual-phase steels. A deep drawing test was conducted for this hybrid composite material, using various process parameters, to assess its formability and potential use in vehicle parts. The experimental results showed that the forming depth was reduced in both CR340 and the CR340/carbon fiber–reinforced plastic composite when the blank holding force (Bf) was increased. Although the forming depth of CR340 was decreased abruptly when Bf >= 30 kN, the forming depth of the CR340/carbon fiber–reinforced plastic composite was not reduced, highlighting its superior formability compared to CR340. The forming depth for CR340 did not show significant differences with increasing punch velocity. On the other hand, the forming depth of the CR340/carbon fiber–reinforced plastic composite decreased with increasing punch velocity. As the punch velocity increased, carbon fiber–reinforced plastic flowed abruptly toward the round part of the die. The thinning rate in each position of the drawing product and the problems encountered during the deep drawing process were reviewed by a comparison of the experimental results.