The theory of deep drawing, which has been developed for metals, is examined critically for thermoplastics. Two special characteristics of thermoplastics, the strong orientation hardening after initial yielding and the ease of crack formation and growth, are shown to vitiate the usual correlation between the drawability of the sheet and the low strain plastic behavior of the material. Attempts to improve the limiting draw ratio of thermoplastics, by biaxially rolling sheet prior to forming, are shown to be effective only if the polymer does not craze easily under tensile stresses.