The invention discloses low-alloy high-strength steel with yttrium-based rare earth. The low-alloy high-strength steel with the yttrium-based rare earth comprises the following chemical ingredients in percentage by mass: 0.08-0.19% of C, 0.15-0.55% of Si, 1.20-1.70% of Mn, not greater than 0.040% of P, not greater than 0.040% of S, not greater than 0.040% of Nb, not greater than 0.18% of V, not greater than 0.020% of Ti, not greater than 0.40% of Ni, not greater than 0.30% of Cr, not greater than 0.30% of Cu, not greater than 0.08% of Mo, not greater than 0.050% of Alt, not greater than 0.012% of N, 0.002-0.003% of O, and balance iron Fe, rare earth and inevitable impurities, wherein the rare earth is the yttrium-based rare earth; the steel comprises the following dissolved solid matters: 0.004-0.010% of Y, and 0.014-0.025% of Ce, and the residues exist in the form of combining Y and Ce with O, Mg, Al and S in the steel to form small dispersed compound inclusions; the compound inclusion component contains, in percentage by mass, 25.40-70.10% of Y, and 3.25-19.15% of Ce; and a matrix structure of the steel is a fine ferrite and perlite structure. The low-alloy high-strength steel disclosed by the invention is improved by utilizing the yttrium-based rare earth for exerting the effects of purification, modification, microalloying and oxide metallurgy in the steel.