The aim of this study is to investigate the path-dependent elastic-plastic behavior of dual-phase steel and its influence on the prediction of twist springback in the channel forming process. The anisotropic hardening responses of the sheet material for non-proportional loading, as well as the degradation of the elastic modulus in uniaxial and biaxial tension are investigated. A recently proposed distortional plasticity model combined with a dislocation density-based hardening approach was adopted to describe the flow behavior of the material. The results indicate that the present model simultaneously reproduces all of the experimentally observed features for both load reversal and changes of the principal strain axis. This constitutive description is employed in the finite element analysis of the forming of two channels with obvious twist springback characteristics. The complex strain path changes during the forming process are then analyzed using a proposed indicator. Finally, the relevance of the load changes and the stress distribution in the channel regarding twist springback predictions are discussed. The influence of loading path-dependent elastic modulus degradation for the prediction of twist springback is also assessed based on two different application geometries.