Provided is a hot rolled steel sheet having excellent formability and fatigue properties comprising, in percentage by weight: 0.3-0.8% of C; 13-25% of Mn; 0.1-1.0% of V; 0.005-2.0% of Si; 0.01-2.5% of Al; 0.03% or less of P; 0.03% or less of S; 0.04% or less (excluding 0%) of N; and the balance being Fe and inevitable impurities, wherein, when viewed in a cross section in the thickness direction, the hot rolled steel sheet comprises, by area fraction, 20-70% of a non-recrystallized structure and 30-80% of a recrystallized structure.