An economic high-carbon wear resistant steel tube with excellent processing properties comprises 0.60-0.72wt% of C, 0.10-0.30wt% of Si, 0.50-1.20wt% of Mn, 0.0030-0.0070wt% of Ca, 0.60-0.86wt% of Cr, 0.015-0.050wt% of Als, 0.015wt% or less of P, and 0.005wt% or less of S. A production method of the steel tube comprises the steps of smelting, continuous casting for blank formation, cast blank slow cooling, cast blank heating, high pressure water de-scaling, hot rolling, front cooling, rolling, air cooling to room temperature, rear cover annealing, air cooling to room temperature, tube making, and induction heat treatment. The production method has the advantages of simple chemical elements, guaranteeing of the mechanical properties, and formation of uniform spherical pearlite structure at all positions of an annealed and rolled steel band, and online continuous induction heat treatment is adopted to make a steel material internally heated, so the heating speed is greatly higher than traditional heating speeds, the heat treatment speed per minute is improved, the heat insulation time can substantially decrease to 0.5-1min and is substantially shorter than traditional heat treatment heat insulation times, the growth tendency of austenite crystal grains is small, no decarburization occurs on surfaces, the production efficiency is improved, and the surface hardness is substantially improved.