The invention discloses pipeline steel with good and stable low-temperature flexibility and a method for rolling hot rolled coils thereof. The pipeline steel comprises the following compositions in percentage by weight: 0.03 to 0.070 percent of carbon, 0.19 to 0.30 percent of silicon, 1.50 to 1.90 percent of manganese, 0.010 to 0.020 percent of titanium, 0.015 to 0.040 percent of aluminum, less than or equal to 0.30 percent of nickel, less than or equal to 0.02 percent of chromium, less than or equal to 0.0002 percent of boron, less than or equal to 0.018 percent of phosphorus, less than or equal to 0.005 percent of sulfur, 0.002 to 0.003 percent of calcium, 0.20 to 0.40 percent of molybdenum, less than or equal to 0.30 percent of copper, 0.02 to 0.10 percent of niobium, less than or equal to 0.006 percent of nitrogen, less than or equal to 0.004 percent of oxygen, less than or equal to 0.00025 percent of hydrogen, and the balance of iron and impurities. The manufactured pipeline steel has the characteristics that sigma s is equal to be between 565 and 580 MPa; sigma b is equal to be between 665 and 690 MPa; and sigma s/sigma b is less than or equal to 0.85.