The invention belongs to the technical field of round steel production, and relates to a method for producing low-cost 20CrMoA round steel by omitting a VD process in combination with component optimization. The steel comprises 0.19-0.20% of C, 0.60-0.63% of Mn, 0.23-0.25% of Si, 0.16-0.18% of Mo, 0.92-1.00% of Cr, less than or equal to 0.30% of Ni, less than or equal to 0.020% of P, less than or equal to 0.020% of S, less than or equal to 0.20% of Cu, 0.16-0.18% of Alt, and the balance Fe and inevitable impurities. The method comprises the steps of converter smelting, LF refining, continuous casting, stack cooling, heating, high-temperature shearing, and hot steel collection. By optimizing the components and the process, the cost per ton of steel is reduced while the performance of the steel is ensured; and the problems that center segregation exists in a continuous casting billet and center cracks are generated at the end of steel due to an improper cooling process during rolling are effectively solved, and the application prospect is wide.