The invention provides a transformation strengthened cold-machined high-strength steel, a steel tube and a manufacturing method thereof. The steel comprises the following chemical components in percentages by weight: 0.11-0.17% of C, 0.1-0.5% of Si, 0.5-2.0% of Mn, 0.01-0.05% of Al, 0.001-0.01% of Ca, less than or equal to 0.015% of P, less than or equal to 0.003% of O, less than or equal to 0.005% of S, less than or equal to 0.004% of N, and the balance of Fe and inevitable impurities, and meanwhile, the following relationship is required to be satisfied: 0.3%<C*Mn+Cr+2Mo<1.1%. The cold-machined high-strength steel tube is prepared by a transformation strengthened and strain strengthened composite process, the yield strength of the steel tube reaches 890 MPa or above, the elongation is greater than or equal to 10%, the structure of the steel tube is deformation ferrite and tempered martensite, and damping performance is excellent.