A method for producing a high strength hot-rolled steel sheet with good formability applicable to automobiles, industrial machines and the like is disclosed. The basic composition of TRIP steel is adjusted wherein Cu is added to improve the strength by precipitation hardening of a fine &egr;—Cu. Other conditions are controlled to obtain a tensile strength of over 90 kg/mm2 with good formability. The steel is composed of 0.15-0.3% by weight of C, 1.5-2.5% by weight of Si, 0.6-1.8% by weight of Mn, 0.02-0.10% by weight of Al, 0.6-2.0% by weight of Cu, 0.6-2.0% by weight of Ni, the balance being Fe and inevitable impurities and has a microstructure of multi-phase structure consisting of ferrite, bainite, and retained austenite, or a granular structure (M-A constituents in bainitic ferrite matrix). The steel is finish rolled at a temperature of 750-880° C., water cooled from a water cooling initiation temperature of 680-740° C. to a water cooling termination temperature of 240×(% Mn+% Ni)−140 (° C.) to 540° C., and subsequently coiled at this temperature.