A high formability super strength cold-roll steel sheet or steel strip, and a method for manufacturing same. The steel sheet or steel strip comprises the following ingredients by weight percent: C 0.15% to 0.35%, Si 1.0% to 2.0%, Mn 1.6% to 2.6%, Mo 0.1% to 0.4%, P≦0.02%, S≦0.004%, N≦0.005%, Nb 0.015% to 0.04%, Ti 0.02% to 0.06%, Al 0.015% to 0.045%, B 0.0003% to 0.001% and B≧P %/30, and the balance being Fe and inevitable impurities. The steel sheet or steel strip has a tensile strength greater than or equal to 980 MPa, an elongation rate greater than or equal to 15% and a hole expansion rate greater than or equal to 40%, and has balanced performance.