The invention belongs to the technical field of steel continuous casting and continuous rolling, and particularly discloses a low-yield-ratio thin strip steel continuous casting and continuous rollingproduction line and a production process. The production line comprises a continuous casting machine, a high-pressure water rough descaling device, a rough rolling unit, a swing shear, a waste blankpushing and stacking device, an emergency shear, an induction heating furnace, a high-pressure water fine descaling device, a finishing rolling unit, a high-speed flying shear and a coiling unit whichare sequentially arranged in the rolling direction. The production process comprises the steps of continuous casting blank forming, high-pressure water rough descaling, rough rolling, induction heating, high-pressure water fine descaling, finish rolling, high-speed flying shear coil dividing and coiling. According to the low-yield-ratio thin strip steel continuous casting and continuous rolling production line and the production process, by additionally arranging rough descaling, reducing the number of induction heating sets, lengthening the distance between finish rolling middle racks and shortening the distance between a finish rolling tail rack and a recoiling machine, production of thin strip steel with high surface quality and low yield ratio is achieved; and meanwhile, due to the fact that rolling line equipment is reduced and the length of the production line is shortened, the construction and operation investment cost of the production line can be reduced.