The application provides cold rolled quenched ductile steel and a preparation method. The cold rolled quenched ductile steel comprises the following chemical components in mass percent: 0.18 to 0.23 percent of C, 1.5 to 2.2 percent of Mn, 1.3 to 1.8 percent of Si, not greater than 0.02 percent of P, not greater than 0.008 percent of S, 0 to 0.05 percent of Nb, 0 to 0.1 percent of Ti and the balance Fe and inevitable impurities. According to the application, the cold rolled quenched ductile steel prepared by adopting processes of slab preparation, heating, hot rolling, cooling, coiling, cold rolling, continuous annealing and the like reaches 980 to 1200 MPa in tensile strength and reaches more than 25 GPa.% in product of strength and elongation.