The invention discloses 700 MPa-grade hot-rolled container steel and a low-cost production method thereof. The hot-rolled container steel has corrosion resistance, cold bending property, and of the container steel comprises the following alloy composition of, in percentage by mass, 0.05-0.09% of C, 1.20-1.50% of Mn, 0.35-0.50% of Si, 0.020-0.050% of Al, 0.20-0.40% of Cu, 0.50-0.70% of Cr, 0.070-0.100% of Ti, not greater than 0.015% of P, not greater than 0.005% of S, not greater than 0.0060% of N and not greater than 0.005% of O. According to the 700 MPa-grade hot-rolled container steel and the low-cost production method thereof, the hot-rolled container steel component design is low in alloy content, pure in molten steel, and capable of saving the cost on the basis of ensuring excellent performance; and the high compression ratio is achieved, and the structure and the performance of finished products are improved; and in terms of mechanical property, various indexes meet the requirements, and the surplus amount is relatively sufficient.