The invention provides 980 MPa-level vanadium-contained ultrafine grain cold rolled dual-phase steel and a preparing method, and belongs to the technical field of cold rolling ultrahigh strength steel for an automobile. The 980 MPa-level vanadium-contained ultrafine grain cold rolled dual-phase steel is composed of, by weight percent, 0.10% to 0.20% of C, 0.30% to 1.00% of Si, 1.50% to 2.50% of Mn, 0.20% to 0.80% of Cr, 0.01% to 0.06% of Al, 0.05% to 0.15% of V, not larger than 0.020% of P, not larger than 0.015% of S, not larger than 0.006% of N and the balance Fe and inevitable impurities. Ferrite and martensite grains are refined through the micro amount of V; and meanwhile, VC dispersed precipitation plays a role in strengthening sedimentation, and the production cost is obviously reduced. The prepared cold rolled dual-phase steel is excellent in mechanical property, forming property and welding property, the cost advantages are obvious, and the obvious economic benefits and social benefits are achieved.