Bimetal composites have wide applications due to their excellent overall performance and relatively low cost. In this study, the formability of stainless/carbon steel bimetal medium-thick composite in the stamping process without blank holder was investigated by finite element (FE) simulations and experiments. Uniaxial tensile tests on substrate metal (carbon steel) and clad metal (stainless steel) were first conducted, respectively, in order to obtain the material properties of each metal layer required in the FE simulation. Processing variables, including the layer stacking sequence, relative thickness ratios of two layers and friction conditions, were considered, and their effects on the magnitude of press load and distributions of thickness strain for predicting the high-risk region of necking during stamping were discussed. Experimental tests were carried out to verify the simulation results. It is indicated that simulation results can be used as an evaluation indicator to ensure the bimetal medium-thick composite can be safely formed.