The invention discloses a production method of a pipeline steel plate with excellent impact toughness. The pipeline steel plate comprises the following components in percentage by weight: 0.02-0.07% of C, 0.10-0.40% of Si 1.00-1.80% of Mn, not more than 0.015% of P, not more than 0.0050% of S, 0.030-0.060% of Nb, 0.006-0.020% of Ti, not more than 0.30% of Ni, 0.012-0.050% of Al, and the balance of Fe and impurities. According to the invention, by means of composition control of extremely low content of S and low contents of P, O, N and H, the smelting process of calcium treatment and combination with a pouring process under dynamic soft reduction, processes of precise rolling and precise cooling control are adopted to improve the toughness of the steel plate, so that the center macroscopic and microscopic segregation grades of a cast blank are reduced effectively, ferrites with more tough tissues are obtained, the impact toughness performance of the steel plate is improved, and in addition, the production method is simple in production process and lower in cost.