A high strength galvanized steel sheet having a TS of 780 MPa or more and exhibiting excellent stretch frangeability and bendability and a method for manufacturing the same are provided. The component composition contains C: 0.05% to 0.15%, Si: 0.8% to 2.5%, Mn: 1.5% to 3.0%, P: 0.001% to 0.05%, S: 0.0001% to 0.01%, Al: 0.001% to 0.1%, N: 0.0005% to 0.01%, Cr: 0.1% to 1.0%, Ti: 0.0005% to 0.1%, B: 0.0003% to 0.003%, and the remainder composed of iron and incidental impurities, on a percent by mass basis. The microstructure includes 30% or more of ferrite phase and 30% or more, and 70% or less of martensite phase on an areal fraction basis, wherein regarding the above-described martensite phase, the proportion of a tempered martensite phase is 20% or more relative to the whole martensite phase and the proportion of a martensite phase having a grain diameter of 1 μm or less is 10% or less relative to the whole martensite phase.