Microstructure and mechanical properties of Fe-Si-Mn-P high strength steel sheet have been investigated by controlling the cooling rate. Bainite and ferrite were obtatined by annealing in the ferrite pluse austenite region, and ferrite and austenite were obtatined after annealing in the fully austenite region. Ferrite and pearlite were obtained when the cooling rate was controlled from the annealing temperature above $760^{circ}C$ and bainite showed with increasing cooling rate, however below $760^{circ}C$ ferrite and bainite were obtained. Tensile strengths and hardness nearly unchanged with increasing cooling rate after control the cooling rate from the temperature above $760^{circ}C$, while tensile strengths increased and elongation decreased with increasing cooling rate when the cooling rate was controlled from the tempeature below $760^{circ}C$. Without regard to annealing temperature, tensile strength increased and elongation decreased with increasing cooling rate. Tensile strengths and elongation values heat treated in the ferrite plus austenite region were higher than those in the fully austenite region. Retained austenite and strength-elongation balance showed the maximum value at $780^{circ}C$ and decreased with increasing annealing temperature. Strength-elongation balance value was controlled by the retained austenite.