The invention relates to the technical field of low-magnetic forged steel materials, and mainly provides novel high-strength and low magnetic steel which contains the following constituents by mass percent: 0.24-0.38% of C, 14.5-16.5% of Mn, 3.0-4.0% of Ni, 1.3-1.9% of Mo, 0.6-1.6% of V, 0.2-0.4% of Nb, no more than 0.03% of S, no more than 0.03% of P, and Fe in balancing amount. The high-strength and low-magnetic steel provided by the invention has the following advantages: 1), the steel has relatively high strengh and excellent comprehensive mechanical properties: Rm is equal to or more than 830MPa, Rp equal to or more than 640MPa, A equal to or more than 18 percent, Z equal to or more than 35 percent, and Aku equal to or more than 59J; 2), the steel has low relative permeability: Mur is no more than 1.01; and 3), the steel is free of Cr, contains a small amount of precious metal elements such as Ni, Mo and the like, and is manufactured at a low cost. The low-magnetic steel providedby the invention, which has a long history of being used for building components such as marine beams and principal rotational shafts, can also be applied to the manufacture of components requiring low-magnetic and high-strength materials.