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In sheet metal forming, the material is usually subjected to a complex nonlinear loading process, and the anisotropic hardening behavior of the material must be considered in order to accurately predict the deformation of the sheet. In recent years, the homogeneous anisotropic hardening (HAH) model has been applied in the simulation of sheet metal forming. However, the existing HAH model is established in the second-order stress deviator space, which makes the calculation complicated and costly, especially for a plane stress problem such as sheet metal forming. In an attempt to reduce the computational cost, an HAH model in plane stress state is proposed, and called the HAH-2d model in this paper. In the HAH-2d model, both the stress vector and microstructure vector contain only three in-plane components, so the calculation is significantly simplified. The characteristics of the model under typical nonlinear loading paths are analyzed. Additionally, the feasibility of the model is verified by the stress–strain responses of DP780 and EDDQ steel sheets under different two-step uniaxial tension tests. The results show that the HAH-2d model can reasonably reflect the Bauschinger effect and the permanent softening effect in reverse loading, and the latent hardening effect in cross loading, while the predictive accuracy for cross-loading softening remains to be improved. In the future, the HAH-2d model can be further modified to describe more anisotropic hardening behaviors and applied to numerical simulations.