The invention relates to a method for producing Nb-containing high-speed train wheel steel, and belongs to the field of metal materials. The wheel steel comprises the following components in percentage by weight: 0.40 to 0.70 percent of C, 0.70 to 0.80 percent of Mn, 0.30 to 0.60 percent of Si, 0.015 to 0.110 percent of Nb, 0.20 to 0.35 percent of Cr, less than or equal to 0.020 percent of P, less than or equal to 0.015 percent of S and the balance of Fe and inevitable elements. The method comprises the following steps of: smelting, forging to obtain a steel billet, performing normalization and heat preservation at the temperature of between 850 and 900 DEG C for 1 hour, performing air cooling or water spray cooling to room temperature, and ensuring that cooling speed is controlled in therange of 1 to 15 DEG C/s and a room temperature structure is ferrite and pearlite. The high-speed train wheel steel produced by the method has the tensile strength of 740 to 900MPa, the yield strength of 450 to 570MPa, the breaking elongation of 15 to 25 percent and the low temperature (-20 DEG C) impact work (Akv) of 15 to 20J, and a uniform structure with 10 to 25 percent of ferrite can be obtained at room temperature. The Nb-containing high-speed train wheel steel has mechanical properties of high strength and toughness, and overcomes the defect of a low toughness value of the conventionalhigh and medium carbon wheel steel.