The invention discloses ultrahigh-strength and high-toughness steel for a pumping rod, which comprises the following chemical components in percentage by mass: 0.32-0.38% of C, 0.17-0.37% of Si, 1.60-1.80% of Mn, 1.10-1.30% of Cr, 0.20-0.30% of Mo, 0.20-0.30% of V, 0.015-0.035% of Al, no more than 0.020% of P, no more than 0.010% of S, no more than 0.002% of [O], no more than 0.0002% of [H] and the balance of Fe. The production process comprises the following steps: smelting in a conventional converter, refining in a refining device, performing silicon-calcium-barium end deoxidation in the late stage of the refining process, performing RH degasification and inclusion removal after refining, casting molten steel into a continuous casting blank, and rolling into phi19-25mm round steel. The invention is reasonable in component design and advanced in process; compared with ultrahigh-strength steel for a pumping rod available on the existing market, the steel disclosed by the invention has higher strength and toughness, the tensile strength Rm is no less than 1200 MPa, the extension percentage delta5 is no less than 12%, the percentage reduction in area Z is no less than 48%, accidents of pumping rod breakage in a high-load environment can be effectively decreased, and the economic loss can be obviously reduced.