The invention relates to high-strength cold-rolled low-carbon phosphorus boron steel used for automobile parts and a production method of the steel. The steel comprises the following components in percentage by weight: 0.1-0.15% of C, 0.73-0.9% of Mn, 0.06-0.09% of P, 0.001-0.004% of B, less than or equal to 0.04% of Si, less than or equal to 0.015% of S, less than or equal to 0.005% of N, less than or equal to 0.06% of Als, and the balance of Fe. The production method comprises the steps of smelting and continuously casting the components into billets, and heating the continuously-cast billets; conducting rough rolling, water cooling and finish rolling; conducting secondary water cooling; conducting cold rolling; continuously annealing; quickly cooling; and leveling to control the leveling elongation to be 1.8-2.0%. According to the invention, the ability to obtain the highest bake hardening (BH) value immediately after elimination of the yield point elongation is stressed, the ferrite content in the steel is controlled without a very high quick-cooling rate, and the grains are refined without a great total reduction rate of cold rolling. The plate shape is well controlled and the energy consumption can be lowered. The yield strength of a steel plate is more than or equal to 260 MPa, and a BH value is more than or equal to 30 MPa, so that the steel plate can not be subjected to natural ageing within 3 months at room temperature.