To provide an aluminum alloy sheet suitable for a beverage can barrel to which DI (Drawing and Ironing) forming and paint baking are performed, excellent in strength and formability, and a method of producing the same.

In the method of producing the aluminum alloy sheet containing, by mass, 0.2-0.4% Mg, 0.6-1.1% Si, 0.1-1.0% Fe, 0.01-0.4% Cu, 0.05-1.0% Mn, and further containing one or two or more of 0.001-0.2% Cr, 0.001-0.2% V, 0.0001-0.2% Ti, 0.001-0.2% Zn, and the balance Al with inevitable impurities, after homogenization treatment is performed to an alloy ingot of the above composition, solution treatment is applied after hot-rolling, or after hot-rolling and cold-rolling, and subsequently, cold-rolling is performed to final sheet thickness.