The invention discloses an intermediate-carbon high-speed cutting saw blade matrix steel and a production method thereof. The steel comprises the following components in percentage by weight: 0.20-0.40% of C, 0.10-0.30% of Si, 0.45-0.63% of Mn, not more than 0.010% of P, not more than 0.005% of S, 0.008-0.020% of Ti, 0.80-1.20% of Cr, not more than 0.005% of N, 0.020-0.050% of Al, 0.10-0.20% of Ni, 0.030-0.050% of V and the balance of Fe and inevitable impurities, wherein Als/N is not less than 30%, Mn +Cr is 1.45-1.85. The production method comprises the following steps of: desulfurizing molten iron, smelting in a converter, carrying out vacuum treatment, casting continuously, hot-rolling continuously, cooling, coiling, leveling, quenching and tempering. Facts prove that the steel has pure steel quality, strong toughness, high wearing resistance and low cost at the same time. The production method of the steel is simple in process and stable in product property.