Abstract: A high-formability hot galvanized aluminum-zinc or hot galvanized aluminum-magnesium dual-phase steel having a tensile strength of ?590 MPa and a rapid heat treatment hot dipping fabrication method, the steel comprising the following components in mass percentage: C: 0.045-0.12%; Si: 0.1-0.5%; Mn: 1.0-2.0%; P: ?0.02%; S: ?0.006%; and Al: 0.02-0.055%. The steel may also contain one or two among Cr, Mo, Ti, Nb, and V, wherein the Cr+Mo+Ti+Nb+V?0.5%, and the remainder is Fe and other inevitable impurities. The present invention changes the recovery of a deformed structure, ferrite recrystallization and austenite transformation processes during annealing by means of rapid heat treatment, and the nucleation point of a crystal is increased, grain growth time is shortened, the strength and formability (n90 value) of the material is improved while heat treatment efficiency is improved, which thus extends the performance range of the material.