A method of producing a cold rolled steel sheet having good ageing resistance and small anisotropy and adapted for deep drawing, comprising selecting a cold rolled steel sheet having a composition comprising, in weight ratio, 0.03-0.30% of Mn, not more than 0.150% of P, not more than 0.020% of S, not more than 0.007% of N, 0-005-0.150% of acid-soluble Al, and further comprising C and at least one element selected from Nb, V, Zr and W in such amounts that the amount of C is not more than 0.0028% and the total amount of at least one element of Nb, V, Zr and W is 0.002-0.008%, and the remainder being Fe and incidental impurities, and subjecting the sheet to a continuous annealing at a temperature within the range of 800.degree.-950.degree. C., and successively subjecting the sheet to cooling within the temperature range of 700.degree.-300.degree. C. in less than 10 minutes without overageing.