The mechanical properties, forming limit diagram and hole expansion ratio of QP980 steel, the 3rd generation high strength steel produced by BaoSteel were experimentally studied, compared with DP980 and DP780 steels. The test results show that QP980 steel has a good plasticity and its elongation is about 20%, which is close to DP780 while higher than DP980 by 5%. The forming limit of QP980 steel is relatively high. FLD0 of QP9801.2 mm is about 27%, which is equal to that of DP780 steel with same thickness. Also the FLD0 of QP9802.0 mm is 34%, which is obviously higher than the value of DP980 steel with same thickness. Hole expansion ratio of QP980 steel is better than that of DP980 steel, which ensure its good application in the flanging and hole expansion process. The research results indicate that QP980 steel, with the same strength degree as DP980, has the similar formability as DP780 steel. With good performance of strength and formability, the QP980 steel has a good application prospect on auto body frame and security structure parts that both have complex shape and high strength requirement, which was proved by trial production of typical security structure parts.