The motivation of this paper is inverse estimation of the material properties for sheet metals subjected to cyclic loading. Cyclic three-point bending tests are performed. Bending moments are computed from the measured data, namely, punch stroke, punch load, bending strain and bending angle. Bending moments are also calculated based on the selected material model in which normal anisotropy and combined hardening are considered. Material parameters are identified by minimizing the difference between these two bending moments. Modified Levenberg-Marquardt method is used in the optimization procedure. Stress-strain curves are generated with the optimized material parameters.