The present invention relates to a method of producing a cold rolled steel sheet for deep drawing. In order to improve the deep drawability (r-value), ductility (yield strength and elongation El) and the like of cold rolled sheet of ultra-low carbon aluminum killed steel, the chemical composition (% by weight) of the steel is adjusted such that the steel contains C: .ltoreq.0.015%, Mn: .ltoreq.0.4%, P: .ltoreq.0.03%, sol. Al: 0.005-0.100%, N: .ltoreq.0.010%, Ti (exclusive of Ti present in the form of oxide): in an amount satisfying a formula of ##EQU1## the hot rolling of the steel slab is effected at a soaking temperature lower than 1,100.degree. C. and at a finishing temperature of 600.degree.-780.degree. C. As illustrated in the drawings, a low temperature rolling can be carried out, and the resulting cold rolled steel sheet is excellent in the deep drawability and ductility and further excellent in the treatable property of the surface and in the surface property. Therefore, the cold rolled steel sheet is particularly suitable for the production of automotive exterior plate.