In order to compare deformation characteristics between conventional die and incremental forming in hole-flanging process, experimental studies were performed based on a conical shaped punch and generated toolpath in incremental sheet forming. In addition, material formability in incremental forming was analyzed by using different toolpath strategies. The results indicate that conical hole-flanging component by incremental forming has a thinnest place in the intermediate stage rather than the edge of the hole, compared with the conical hole-flanging component by conventional die, and the deformation of conical holeflanging the component by incremental sheet forming is a combination of in-plane shearing with bending around the perimeter of the flange. Therefore, the sine law cannot be used to estimate the final thickness of the component. In comparison to conventional die, the hole expanding rate increases by 24.4% in incremental forming.