The invention discloses an economic-type pipe fitting steel with high strength and low yield ratio, which comprises the following elements: 0.10%-0.18% of C, 0.25%-0.55% of Si, 1.40%-1.90% of Mn, 0.02%-0.05% of Nb, 0.008%-0.020% of Ti, 0.02%-0.05% of V, 0.010%-0.040% of Als, smaller than or equal to 0.10% of Nb, V and Ti, 0-0.25% of Mo, 0-0.30% of Ni, 0-0.35% of Cu, 0-0.30% of Cr, smaller than or equal to 0.55% of Mo, Ni, Cu and Cr, and the balance of ferrum and unavoidable impurities. The yield strength after heat treatment can reach more than 630MPa or 690MPa, the tensile strength reaches more than 775MPa or 870MPa, the yield ratio is lower than 0.85, the impact ductility at minus 46 DEG C is not lower than 80J, and the technical requirements for X90 level and X100 level pipe fitting steel are completely satisfied.