A high strength cold rolled steel sheet with a low yield ratio has a chemical composition containing C: 0.05% to 0.10%, Si: 0.6% to 1.3%, Mn: 1.4% to 2.2%, P: 0.08% or less, S: 0.010% or less, Al: 0.01% to 0.08%, N: 0.010% or less, and the remainder being Fe and incidental impurities, on a percent by mass basis, and a microstructure in which the average grain size of ferrite is 15 μm or less, the volume fraction of ferrite is 70% or more, the volume fraction of bainite is 3% or more, the volume fraction of retained austenite is 4% to 7%, the average grain size of martensite is 5 μm or less, and the volume fraction of martensite is 1% to 6%, wherein the average C concentration (percent by mass) in the retained austenite is 0.30% to 0.70%, yield ratio is 64% or less, and the tensile strength is 590 MPa or more.