The invention provides a press forming method of an aluminum alloy sheet and a press device capable of forming a large panel which is an automobile body outer panel such as a luggage outer panel and the like and is of a shape difficult in forming. In a method of press forming of the aluminum alloy sheet 30 into a formed product panel having non-contact outer peripheral parts 5, 6 not contacting the punch for forming the center part of the panel until the vicinity of the bottom dead point, the first punch forming the center part 2 of the panel and the second punch 15 capable of shifting independently with respect to the first punch are provided, and these punches are interlocked with each other so that the second punch 15 is made contact the non-contact outer peripheral parts 35, 36 of the sheet with the relative position of the second punch 15 with respect to the first punch 11 being shifted to the dice 22 side.