The invention discloses pipeline steel excellent in acid corrosion resistance on the seabed. The pipeline steel comprises, by weight, 0.020-0.050% of C, 0.10-0.30% of Si, 0.50-1.10% of Mn, 0.012% of P or less, 0.0015% of S or less, 0-0.20% of Cu, 0-0.30% of Cr, 0-0.20% of Ni, 0-0.25% of Mo, 0.030-0.055% of Nb, 0.020-0.050% of V, 0.010-0.025% of Ti, 0.010-0.050% of Al and 0.008% of N or less. A production method comprises the steps of heating after continuous casting and blank forming, rough rolling, precise rolling, cooling, reeling and cooling to indoor temperature. By means of the pipeline steel and the production method, an ideal complex-phase structure containing ultra-fine grain polygonal ferrite and a small number of methyl acrylate (MA) components which are distributed dispersively can be obtained, the Rt0.5 is equal to or higher than 485 MPa, the Rm is equal to or higher than 570 MPa, -20 DEG C KV2 is equal to or higher than 250 J, and -15 DEG C DWTT SA is equal to or higher than 85%. A hydrogen induced crack j (HICj) test and a sulfide stress corrosion cracking (SSCC) test indicate that no fracture or crack occurs.