The invention relates to a high strength foundry air cooling bainite wear resistant steel that the chemical constituents is 0.32-0.65 C, 0.8-3.0 Si, 1.2-3.0 Mn, 0.5-0.8 Cr, 0.3-0.8 Cu, 0.001-0.008 B, 0.18-0.35 Al, 0.05-0.15 Y, 0.05-0.20 Ti, 0-0.12 Mg, 0-0.12 Ca, 0-0.15 Zn, and 0.10<Mg+Ca+Zn<0.25, the else is Fe and trace impurities. The process includes the following steps: smelting waste steel, pig iron, ferrochrome iron and copper board, adding ferrosilicon and ferromanganese preliminary deoxidation into melting down and alloying; heating to 1600-1660 degree centigrade after adjusting the constituents adding aluminum deoxidatioin and alloying and blast furnace tapping; putting the compounding modification particle of Yt, boron, titanium, magnesium, calcium, and zinc on the bottom of pouring ladle, taking modification process to the molten steel; molding the molten steel after modification process into normal matrix for casting. The invention could prolong the useful life of antifriction component, improve working efficiency, and have good economic benefit.