A high strength cold rolled steel sheet has a composition which contains, in terms of mass %, more than 0.15% and not more than 0.45% of C, 0.50-2.50% of Si, 1.50-3.00% of Mn, not more than 0.050% of P, not more than 0.0100% of S, 0.010-0.100% of Al and not more than 0.0100% of N, with the remainder including Fe and unavoidable impurities, has a total content of ferrite and bainitic ferrite of 20-80%, has a retained austenite content of more than 10% and not more than 40%, has a martensite content of more than 0% and not more than 50%, and is such that the proportion of retained austenite that has an aspect ratio of not more than 0.5 is not less than 75%, and the proportion of retained austenite having an aspect ratio of not more than 0.5 that is present at Bain group boundaries is not less than 50%.