The invention discloses anti-large-deformation pipe line steel prepared by a thermal treatment method and a preparation method thereof. The steel comprises the following chemical components of: not less than 0.02% and not greater than 0.12% of C, not less than 0.5% and not greater than 2.0% of Mn, not more than 0.25% of Si, not more than 0.02% of P, not more than 0.01% of S, not more than 0.11% of Nb, not more than 0.08% of V, not more than 0.05% of Ti, not more than 0.06% of Al, not more than 0.012% of N, not more than 0.50% of Cu, not more than 0.60% of Cr, not more than 0.50% of Mo, not more than 0.60% of Ni, not more than 0.005% of B, not more than 0.01% of Ca and the balance of Fe and inevitable impurities, wherein the CEIIW is not less than 0.3% and not greater than 0.45%, and the CEPcm is not more than 0.2%. The preparation method comprises the following steps of: heating steel at 700-950 DEG C in a thermal treatment furnace, maintaining the temperature for 6-15 min, cooling with the rate of 1-400 DEG C/s to room temperature, and simultaneously tempering from room temperature to 500 DEG C to obtain steel with ferrite as a first phase and bainite, martensite, degenerate perlite or any mixture thereof as a second phase. The steel has the advantages of high tensile strength, low yield strength, low yield ratio, high uniform elongation rate and high strain hardening exponent, thereby having good toughness and deformation performance.