The invention discloses high-efficiency and low-cost 610 MPa hydropower steel and a production method thereof. The hydropower steel comprises the following chemical components in percentage by mass: 0.07-0.09% of C, 0.15-0.35% of Si, 1.40-1.60% of Mn, not greater than 0.15% of P, not greater than 0.08% of S, 0.015-0.035% of Nb, 0.030-0.050% of V, 0.008-0.030% of Ti, 0.10-0.30% of Ni, 0.10-0.30% of Mo, and the balance Fe and inevitable impurities. A process route comprises KR hot metal pre-treatment, converter smelting, LF and RH refining, continuous casting, slow cooling, continuous casting blank heating, rolling, cooling, straightening, finishing and tempering. According to the high-efficiency and low-cost 610 MPa hydropower steel and the production method thereof, which are disclosed by the invention, a production flow is shortened, energy consumption is reduced, a high-cost limit of a traditional production process is overcome, and the product quality is ensured.