The invention discloses 800 MPa grade cold-rolled double-phase steel and a production method thereof. The production method comprises a hot rolling process and a cold rolling continuous annealing process. The chemical compositions of a casting entering the hot rolling process comprise, in percent by mass, 0.14-0.17% of C, 0.45-0.55 of Si, 1.6-1.8 of Mn, 0.55-0.65% of Cr, P<=0.016%, S<=0.008%, 0.02-0.05% of Als, N<=0.004%, and the balance Fe. In the double-phase steel, the Si content is increased and the Mn content is reduced on the basis of the compositions of C-Si-Mn-Cr, so that the strength is increased without adding Al, Nb, Mo, Ti and other high-cost elements, and the purposes of reducing production difficulty and production cost while not influencing smelting castability are realized. The method improves the Si content, reduces the Mn content, improves the composition system of the C-Si-Mn-Cr system and realizes the purpose of reducing production cost. By improving the smelting, hot rolling and cold-rolling continuous annealing technologies, the cold-rolled double-phase steel with the tensile strength of 800-850 MPa, the yield strength of 450-550 MPa and the elongation percentage of 15-17% is produced, and the production method has the characteristics of simple technology, low cost and stable product quality.