The influence of blanking speed on the blanked surface quality of C5191 bronze phosphorus sheets, with a thickness of 0.12 mm, was systematically studied to demonstrate the mechanism under high speed blanking. The morphology and microstructure of the blanked edge were observed by using a variety of techniques, including optical microscopy (OM), scanning electron microscope (SEM), electron backscatter diffraction (EBSD), and transmission electron microscope (TEM). The results revealed that the local temperature and microhardness of the shear zone increased with the increase in blanking speed. Moreover, the quality of blanked edge significantly improved with the increase in blanking speed due to the combined influence of strain rate hardening and thermal softening. In addition, the blanked edge grains were elongated along the blanking direction and formed dislocation cells and sub-grains in some areas. The blanked edge is dominated by {000} <100> cubic texture at higher blanking speeds, and {112} <111> texture at lower blanking speeds. When punched at an ultra-high speed of 3000 strokes per minute (SPM 3000), the local area of the blanked edge exhibited distinct microstructural features, including low dislocation density, nanocrystals with high-angle grain boundaries, and significant differences in grain orientation. Additionally, the selected area electron diffraction (SAED) pattern exhibited a discontinuous ring-like structure, indicating the occurrence of adiabatic shearing with dynamic recrystallization.