Thermo-hydroforming (THF) process is a single-step process for thermoplastic composite forming, which has a great advantage in terms of the process time and mass production potential as compared to conventional processes. However, with THF processes, wrinkles and deformations are easily generated due to the process characteristics and process parameters. In this study, the matrix material was examined by considering viscoelasticity and changes in formability according to the forming speed. A numerical analysis of the THF composites was performed based on the preferred fiber orientation (PFO) analysis model, which considers the viscoelasticity of the matrix. The deformation change and molding possibility were examined according to various forming speeds. The viscoelastic PFO model showed better analysis efficiency and stability than the primitive PFO model. This analysis will help improve the process of forming thermoplastic composites.