There is provided a galvanized steel sheet more highly excellent in terms of punchability. The steel sheet has a specified chemical composition and a microstructure including a ferrite phase and a tempered bainite phase in a total amount of 95% or more in terms of area ratio, in which the average grain diameter of the microstructure is 5.0 μm or less, the amount of Fe precipitated is 0.10 mass % or more, the amount of Ti, Nb, and V precipitated in the form of precipitates having a grain diameter of less than 20 nm is 0.025 mass % or more in terms of precipitate C equivalent, and half or more of precipitates having a grain diameter of less than 20 nm are formed at random.