The invention provides a high strength cold-rolled plate with excellent formability, containing: no more than 0.0040% of C, 0.02-0.15% of Si, 0.20-1.00% of Mn, 0.02-0.09% of P, 0.015-0.06% Ti, 0.01-0.05% of Nb, and the rest being Fe. The production method comprises: smelting, continuous casting, hot-rolling, cold rolling and continuous annealing, wherein the heating temperature of the hot-rolled billet is 1170-1270 DEG C, the finishing temperature of hot-rolling is 850-960 DEG C, and the coiling temperature is 650-760 DEG C; the cold rolling reduction percent is 60-82%; the annealing temperature is 760-880 DEG C, the thermal insulation time is 60-210s, the slow-cooling segment temperature is 630-700 DEG C, and the fast-cooling exit temperature is 300-500 DEG C; and the levelling elongationrate is 0.5-1.0%. The high strength steel plate containing phosphorus of the invention has the features of low carbon, microalloying and purity. The steel added with a certain amount of Nb and Ti hashigher plasticity. Using relevant rolling and annealing technique, the indexes of performance of the steel achieves the demand of high strength automobile stamping parts.