A method of manufacturing a galvanized steel sheet with high press formability, the sheet having an inorganic compound on a metallic galvanized-layer thereof. The method includes the step of effecting a galvanization on a steel sheet followed by an alloying treatment. The sheet of galvanized steel is immersed in a bath of an aqueous solution containing 0.1 wt % or more of borate of an alkali metal, and then taking the steel sheet out of the bath and effecting such control as to make the amount of deposition of the water-containing borate film on the steel sheet surface to range from 10 to 1,000 mg/m.sup.2, and then heating the steel sheet at a temperature ranging from 60.degree. to 400.degree. C. Thereafter, the steel sheet is cooled to a normal temperature.