Microscale laser dynamic forming (μLDF) is a novel microfabrication technique to introduce complex 3D profiles in thin films. This process utilizes pulse laser to generate plasma to induce shockwave pressure into the thin film, which is placed above a microsized mold. The strain rate in μLDF reaches 106–107 S−1. Under these ultrahigh strain rates in microscale, deformation behaviors of materials are very complicated and almost impossible to be measured in situ experimentally. In this paper, a finite element method model is built to simulate the μLDF process. An improved Johnson–Cook model was used to calculate the flow stress, and the Johnson–Cook failure criterion was employed to simulate failure during μLDF. The simulation results are validated by experiments, in which the deformation of Cu thin foils after μLDF experiments are characterized by scanning electron microscopy and compared with simulation results. With the verified model, the ultrafast μLDF process is generally discussed first. A series of numerical simulations are conducted to investigate the effects of critical parameters on deformation behaviors. These critical parameters include the ratio of the fillet radius to film thickness, the aspect ratio of mold, as well as laser intensities. The relationship of laser pulse energy and the deformation depth is also verified by a series of μLDF experiments.