The invention provides corrosion-resistant steel for an oil well and relates to the technical field of steel. The corrosion-resistant steel is prepared from, by mass, 0.10%-0.20% of C, 0.20%-1% of Si, 0.05%-1.5% of Mn, 4.0%-6.0% of Cr, 0.10-1.0% of Ni, 0.10%-0.8% of Mo, 0.20%-0.80% of Cu, 0.01%-0.10% of Al and the balance Fe and inevitable impurity elements, wherein the total content of the inevitable impurity elements is not higher than 0.5%. The corrosion-resistant steel for the oil well achieves the mechanical properties that the yield strength ranges from 1,020 MPa to 1,150 MPa, the tensile strength ranges from 1,140 MPa to 1,300 MPa, the elongation is around 20%, and the Kv of a 140 ksi steel grade casting pipe product is around 30 J at 0 DEG C. In addition, the corrosion-resistant steel for the oil well belongs to the category of low-alloy steel, and the content of Cr and Ni is low; and the CO2 corrosion resisting performance and the H2S corrosion resisting performance of the steel are improved through the methods such as simultaneously adding a small quantity of elements retarding the anode process and elements promoting the cathode process and the surface activity. The corrosion-resistant steel for the oil well is low manufacturing cost and high in CO2 corrosion and H2S stress corrosion resistance.