An iron-zinc coated steel plate with the yield strength being 210 MPa comprises chemical compositions including, by weight, 0.03-0.04% of C, 0.007-0.015% of Si, 0.32-0.4% of Mn, less than or equal to 0.02% of P, less than or equal to 0.01% of S, 0.015-0.05% of Als and less than or equal to 0.05% of N. The production method comprises the production steps that continuous hot-dip galvanizing is conducted on a cold-rolled steel plate; the steel plate is sent to an iron-zinc diffusion treatment heating furnace by taking insulation measures; the galvanized steel plate is subjected to high-temperature zinc-iron diffusion treatment first and then low-temperature zinc-iron diffusion treatment; and the steel plate is cooled naturally to the roor temperature for standby application. By means of the production method, on the premise of guaranteeing the application mechanics of the steel plate, a galvanneal coating can be compact in surface structure and free of obvious microcrack defects, and zinc-iron grains on the surface of the coating are fine and uniform in size distribution. The coating is bound firmly to a steel base plate. The coating is not prone to pulverization and shedding during stamping forming.