The invention discloses Cr54 steel for a high-quality coal mine chain ring and a production method thereof. The Cr54 steel is characterized by comprising the following chemical components in percentage by weight (%): 0.21-0.24% of C, 0.14-0.20% of Si, 1.20-1.30% of Mn, 0.45-0.55% of Cr, 0.95-1.05% of Ni, 0.025-0.035% of Al, 0.52-0.58% of Mo, less than or equal to 0.010% of P, less than or equal to0.008% of S, less than or equal to 0.004% of V, less than or equal to 0.0025% of Ti, less than or equal to 0.0003% of B, less than or equal to 0.0009% of O, less than or equal to 0.0080% of N, less than or equal to 0.00012% of H and the balance Fe. According to the Cr54 steel, carbon equivalent, a cold crack sensitivity coefficient and a hot crack sensitivity coefficient are introduced, so that the excellent welding performance of the Cr54 steel is ensured, and the cold and hot brittleness resistance is improved; and the surface quality of the steel is improved by adopting an innovative process, the rejection rate is reduced, and the effective cost is increased less.