The invention discloses a 42CrMo steel cold-rolled plate and its production method, and the 42CrMo steel cold-rolled plate comprises the following chemical components by mass: 0.38-0.45% of C, 0.17-0.37% of Si, 0.50-0.90% of Mn, less than 0.035% of P, less than 0.035% of S, 1.02-1.14% of Cr, 0.15-0.25% of Mo, and balance of Fe. The production method comprises molten steel smelting, continuous casting, hot rolling, cold rolling, bell-type furnace annealing, finishing and other processes, and is characterized in that, the hot rolled steel billet heating temperature is 1170-1270 DEG C, the finish rolling temperature is 850-950 DEG C, the coiling temperature is 700-750 DEG C, the cold rolling ratio down press rate is 25%-55%, the annealing temperature is Ac1-(10-30) DEG C, the heat insulation time is 8-14h, air cooling is performed when the billet is heat insulated to 400 DEG with a bell, and the flat elongation is 0.5%-1.2%. The 42CrMo steel cold-rolled plate is good in plasticity, toughness and cutting performances, and helps a user to perform cutting, stamping process and subsequent heat treatment.