The invention discloses a lightweight aluminum coated sheet strip and a production method thereof. The lightweight aluminum coated sheet strip is of an aluminum strip-steel strip composite structure.The steel strip comprises, by weight, 0.04-0.08% of C, greater than 0 and less than or equal to 0.005% of Si, 0.9-1.8% of Mn, less than or equal to 0.015% of P, less than or equal to 0.005% of S, lessthan or equal to 0.005% of Al, 0.0062-0.02% of N, 0.006-0.05% of O, 0.002-0.004% of Ca, 0.01-0.03% of Ti, 0.01-0.03% of Nb and the balance Fe and inevitable impurities, wherein the sum of O and N isgreater than or equal to 0.013%, and 0.5<=(O+N)/(P+S)<=5. According to the aluminum coated sheet strip, the yield strength is 400 MPa or above, the tensile strength is 500-800 MPa, meanwhile, the elongation A50% is 18% or above, thus, the aluminum coated sheet strip has the strength of steel, the properties such as good plasticity, colding bending, stamping and the like and the characteristics ofcorrosion resistance, radiating performance and attractive appearance of aluminum, and can be used for production of radiators, radiating fins and wheels, and lightweight design can be achieved.