In a continuous annealing process for a cold reduced steel strip substantially including a rapid cooling stage and a carbon precipitation treating stage into said process, the rapid cooling rate which is obtained by initial heating to above the recrystallization temperature and then slowly cooled for about 100 seconds to be above 200.degree. C./sec; and the starting temperature is controlled to be between 500.degree. C. and lower than 600.degree. C., thereby to obtain good press-formability of the continuously annealed steel strip.