The invention provides a high-toughness and ultrahigh-strength wear-resistant steel plate and a production method thereof. The steel comprises the following chemical compositions by mass percent: 0.15-0.26% of C, 0.20-0.55% of Si, 1.0-1.60% of Mn, P less than or equal to 0.020%, S less than or equal to 0.010%, 0.00-0.60% of Mo, 0.00-0.50% of Ni, 0.20-1.00% of Cr, 0.01-0.05% of Ti, 0.02-0.04% of Als, 0.0005-0.004% of B and the balance Fe and inevitable impurities. The production method of the steel comprises the following steps: high clean steel smelting, hot metal desulphurizing, converter top-bottom blowing, vacuum processing and blank casting, in particular to plate blank heating, rough rolling, finish rolling and heat treatment technology parameter controlling. The chemical compositionsof the steel contain no V, Mo or Ni, or contain less Mo and Ni, therefore, the steel plate is low in alloy content and fine in toughness and can be widely applied to the mines and construction machinery products, which feature bad working conditions and have high requirements on steel properties.