The influences of cold rolling reduction on microstructure, texture evolution, mechanical properties and deep drawing performance of deep drawing dual phase steel were studied by means of OM, SEM, EBSD and universal tensile test machine. The research shows that after annealing at 840 ℃ for 240 s, the room temperature microstructure of cold-rolled sheets with different reduction rates (70%, 75% and 80%) consists of ferrite, martensite and carbides. As the reduction rate increases, the average grain size decreases, the degree of recrystallization increases, the content of ferrite gradually decreases, the content of martensite and carbides gradually increases, the number of high-angle grain boundaries decreases, the number of sub-grain and low-angle grain boundaries gradually increases, the strength of γ-texture gradually increases, and the strength of α-texture gradually decreases. As the reduction rate increases, the tensile strength of the cold-rolled annealed sheet increases gradually,the yield strength, elongation and plastic strain ratio r value all show a trend of first increase and then decrease, and the n value of work hardening index decreases. Among them, the cold-rolled annealed sheet with the reduction rate of 75% has the best mechanical properties and deep drawing performance, with the tensile strength of 499 MPa, the yield strength of 320.1 MPa, the elongation of 32.01%,the r value of 1.40 and the n value of 0.2.