The invention discloses a high-yield natural-color wood pulp production method which comprises the following steps; boiling a wood material as a raw material by using a sulfate cooking process so as to obtain unbleached pulp, wherein the alkali amount is 15-18%, the sulfidity is 26-30%, the boiling temperature is 140-155 DEG C, and the kappa number of the unbleached pulp is 40-80; and performing oxygen delignification treatment on the unbleached pulp to remove 40-60% of lignin so as to obtain oxygen delignification pulp, wherein the alkali amount is 1-4%, the initial oxygen pressure is 0.2-0.8MPa, the temperature is less than 100 DEG C, and the kappa number of the oxygen delignification pulp is 20-35. By adopting the method, under mild reaction conditions, the use quantity of boiling chemicals is reduced, after the raw material is prepared into the pulp, the whiteness is relatively low, the Kappa number is relatively high, and the loss of carbohydrate is small, after the oxygen delignification treatment is performed, 40-60% of lignin is removed, then natural-color wood pulp which is superior to that of a conventional pulp preparing production process is obtained, the pulp yield is increased, the possibility of water closed cycle in a workshop is increased, and the production cost is greatly lowered.