The invention discloses a hydrogen-rich circulating annealing process for a cold-rolled oil drum plate, which is characterized in that a steel coil comprises the following chemical components: 0.04-0.08% of C, 0.02-0.03% of Si, 0.26-0.33% of Mn, less than 0.01% of P, less than 0.005% of S and the balance of Fe and residual elements, the oil drum plate cold-rolled steel coil subjected to hot rolling and cold rolling is placed on a furnace platform of a cover type annealing furnace, an inner cover is buckled firstly, then a heating cover is buckled, a medium pipeline is connected, nitrogen is used for purging air, hydrogen is used for purging nitrogen, and the steel coil is subjected to hot rolling and cold rolling; two heat preservation processes of 430 DEG C and 680 DEG C are adopted, heat preservation is conducted for 3 hours at the temperature of 430 DEG C, annealing and heat preservation are conducted for 7 hours at the temperature of 680 DEG C, recrystallization temperature annealing is conducted, hydrogen tail gas discharged in the annealing process is collected through a main pipeline, hydrogen with the hydrogen purity being 99.999%, the dew point being-65 DEG C or below and the oxygen content being 5 ppm or below is obtained, and hydrogen recycling is achieved. And the annealed steel coil is subjected to flattening treatment with the elongation of 1.1%, the surface of the steel coil is cleaned with flattening liquid with the concentration of 3%-5%, and the high-surface oil drum plate product is obtained.