The invention provides ultra-high strength steel with yield strength level of 1100MPa-1200MPa and a production method of the steel. The chemical constituents (weight percentage) include: 0.15-0.18% of C, 0.20-0.25% of Si, 0.85-1.25% of Mn, 0.20-0.60% of Cr; and 0.45-0.65% of Mo, 0.035-0.060% of V, 0.015-0.020% of Nb, 0-0. 55% of Ni, 0-0.035% of Cu, 0.01-0.06% of Al, no more than 0.015% of P, no more than 0.01% of S, no more than 0.008% of N, the balance of Fe and unavoidable impurities. The production method includes: smelting and casting into casting blank; and heating the casting blank to 1150-1250 DEG C, wherein the final rolling temperature is 860-920 DEG C, the coiling temperature is 650-750 DEG C, the quenching heating temperature is 880-930 DEG C, the thermal insulation time is 20-90min, the tempering heating temperature is 100-450 DEG C, the thermal insulation time is over 90min. Slow cooling or air cooling is conducted to room temperature. For the steel plate produced with the constituents and the technology, the yield strength is 1150-1230MPa, the tensile strength is 1250-1340MPa, the elongation is 11-13.5%, and the impact power value at minus 40 DEG C is 21-34J.