Advanced high strength steels (AHSS) are performance-based steel grades and their global material properties can be achieved with various steel chemistries and manufacturing processes, leading to various microstructures. In this paper, we investigate the influence of the manufacturing process and the resulting microstructure difference on the overall mechanical properties, as well as the local formability behaviors of AHSS. For this purpose, we first examined the basic material properties and the transformation kinetics of three different commercial transformation induced plasticity (TRIP) 800 steels under different testing temperatures. The experimental results show that the mechanical and microstructural properties of the TRIP 800 steels significantly depend on the thermomechanical processing parameters employed in making these steels. Next, we examined the local formability of two commercial dual phase (DP) 980 steels which exhibit noticeably different formability during the stamping process. Microstructure-based finite element analyses are carried out to simulate the localized deformation process with the two DP 980 microstructures, and the results suggest that the possible reason for the difference in formability lies in the morphology of the hard martensite phase in the DP microstructure. The results of this study suggest that a set of updated material acceptance and screening criteria is needed to better quantify and ensure the manufacturability of AHSS.