The present invention provides a steel sheet excellent in both a balance between strength and elongation and a balance between strength and hole expandability, in other words, a multi-phase steel sheet having an excellent balance between strength and hole expandability.The present invention is a multi-phase steel sheet excellent in hole expandability characterized in that: the steel sheet contains, as chemical components in mass, C: 0.03 to 0.15%, P: not more than 0.010%, S: not more than 0.003%, and either one or both of Si and Al in a total amount of 0.5 to 4%, and one or more of Mn, Ni, Cr, Mo and Cu in a total amount of 0.5 to 4%, with the balance consisting of Fe and unavoidable impurities; the microstructure at a section of the steel sheet is composed of either one or both of retained austenite and martensite which account(s) for 3 to 30% in total in area percentage and the balance consisting of either one or both of ferrite and bainite; the maximum length of the crystal grains in the microstructure is not more than 10 microns; and the number of inclusions 20 microns or larger in size at a section of the steel sheet is not more than 0.3 piece per square millimeter.