The invention discloses petroleum pipeline valve steel and a production method thereof, and a process of rolling a phi 650 mm continuous casting large round billet into a phi 280 mm round bar is adopted. The process that the phi 650 mm continuous casting large round billet is produced through electric furnace smelting, outside furnace refining, vacuum degassing and continuous casting and is rolledinto the phi 280 mm round bar is adopted. The petroleum pipeline valve steel is characterized in that as for chemical compositions, C, Cr and Mo are adjusted, the microalloy element Ni is added, andthe low temperature impact performance and the strength requirement of the steel are met; and high-purity molten steel is obtained through an electric furnace smelting process, the round bar with thecompression ratio larger than or equal to 4 is obtained, the high purity, the uniform structure and the good mechanical properties are obtained, and the requirements of the petroleum pipeline valve steel are met.