A cold rolled steel sheet having a steel composition comprising, in percent by mass, more than 0.015% to less than 0.100% of carbon, less than 0.40% of silicon, 1.0% to 1.9% of manganese, more than 0.015% to 0.05% of phosphorus, 0.03% or less of sulfur, 0.01% to 0.3% of soluble aluminum, 0.005% or less of nitrogen, 0.04% or less of chromium, 0.0050% or less of boron, 0.4% or less of vanadium, 0.18% or less of copper, 0.02% or less of molybdenum, and 0.02% or less of titanium, and satisfying formula (1):
- 0.6[% Si]+[% Cr]+2[% Mo]<0.35 (1)
- wherein [% A] is content (% by mass) of alloying element A, the balance being iron and incidental impurities, the steel sheet having a microstructure that is a multiphase structure comprising, in percent by volume, ferrite and 3% to 12% of a second phase, the multiphase structure comprising, as the second phase, 1.0% to 10% of martensite and 1.0% to 5.0% of retained γ, wherein a ratio of total amount of martensite and retained γ to a volume fraction of second phase is 70% or more, a proportion of volume fraction of retained γ to a volume fraction of second phase is 30% to 80%, and an average grain size of the second phase is 0.9 to 5 μm, and further satisfying formulas (2), (3) and (4):
- 2.2≦[Mneq]≦2.8 (2)
- [% Mn]+3.3[% Mo]≦1.9 (3)
- 0.42≦12[% P]+150B*≦0.93 (4)
- wherein B*=[% B]+[% Ti]/48×10.8×0.9+[% sol.Al]/27×10.8×0.025, wherein if [% B]=0, B*=0, and if B*≧0.0022, B*=0.0022;
- and [% A] is the content (% by mass) of alloying element A;
- and [Mneq]=[% Mn]+1.3 [% Cr]+8 [% P]+150B*+2 [% V]+3.3 [% Mo].