The invention discloses a steel containing rare earth element and a producing method of slab continuous casting. The steel comprises the elements of Re, C, Si, Cr, Ni, and N according to a certain ratio, and the balance of iron and inevitable impurity; the production method comprises a ladle furnace refining process and a continuous casting operation; wherein, in the ladle furnace refining process, feeding metal Ca wire before rare earth is added in molten steel, then feeding rare earth metal wires, simultaneously passing the rare earth metal wires through the surface of slag, feeding the metal Ca wires again, controlling the weak stirring time of ladle furnace refining and slag interfacial fluctuation area; and in the continuous casting process, controlling the super-heated rate of molten steel in a tundish at 35-65 DEG C, and controlling the inserting depth of an port of a continuous casting crystallizer at 100-135 mm. Compared with the prior art, the method has the advantages of high rare earth yielding rate, and good continuous casting surface and center quality, impurity in the steel is effectively removed, and rare earth yielding rate is stable.