The invention discloses a high-elongation cold-rolled TRIP (Transformation-Induced Plasticity) steel plate, comprising 0.15-0.25% of C, 0.4-1.5% of Si, 0.5-2.5% of Mn, 0.04-0.10% of P, less than or equal to 0.02% of S, 0.02-0.5% of Al, less than or equal to 0.01% of N, 0-0.5% of Nb, 0-0.5% of V, 0-0.5% of Ti, 0-2% of Cr, 0-1% of Mo, and the balance of Fe and inevitable impurities, wherein in the microscopic structure, the area ratio of ferrite is 10-80%, while the area ratio of residual austenite is 3-20% and the area ratio of martensite is 0-20%, and the rest part is bainite; the hot rolling heating temperature is 1100-1250 DEG C, the heat preservation time is greater than or equal to 2 h, the rolling starting temperature is equal to or higher than 1100 DEG C, the final rolling temperature ranges from 850 to 950 DEG C, and the coiling temperature is lower than 720 DEG C; the hot-rolled plate is 2-4 mm thick; accumulated compression quantity of cold rolling is 40-80%; the annealing temperature is 700-(Ac3+50) DEG C, the heat preservation time is 30-360 s, the cooling rate is 10-150 DEG C/s, the aging temperature is 300-600 DEG C, the aging time is 30-1200 s and the cooling rate is 5-100 DEG C/s; and finally, cooling is performed until the temperature reaches the room temperature.