The invention relates to the technical field of the auto sheet production process, and relates to a process for producing high-strength IF steel with a high r value. A P-Mn compound added 340 MPa high-strength IF steel is utilized, and the process comprises hot rolling, low-temperature finish rolling, direct online rapid annealing by using the rolled high temperature, rapid cooling till the temperature reaches the coiling temperature, and cold rolling and annealing to obtain a steel plate with 355 MPa extension strength and a 2.75 rolling direction r value. The temperature for hot rolling and finish rolling ranges from 550 DEG C to 850 DEG C, the finish rolling reduction rate is between 70% and 90%, the temperature of the finish rolling phase is below 650 DEG C, the finish rolling phase comprises more than two rolling passes, and the accumulated reduction rate is larger than 40%; the online annealing heating speed is between 30 DEG C / s and 50 DEG C / s, the annealing temperature is in a range of 800 DEG C to 820 DEGC, the heating time is between 10s and 20s, the coiling temperature is between 650 DEGC and 700 DEG C, the cold rolling reduction amount is in a range of 75% to 85%, the heating speed of the continuous annealing process is between 5 DEG C / s and 10 DEG C / s, the heat preservation temperature ranges from 810 DEG C to 830 DEG C, and the heat preservation time is between 100s and 180s.