The invention provides a novel low-cost wear-resistant pipe steel X65 steel plate which comprises the following chemical components in percentage by mass: 0.04-0.10% of C, 0.10-0.40% of Si, 1.40-1.60% of Mn, at most 0.02% of P, at most 0.015% of S, 0.015-0.060% of Als, 0.005-0.06% of Ti, 0.20-0.70% of Cr, 0.02-0.07% of V, and other Fe and residual elements. The production method comprises the following steps: converter smelting, LF (ladle furnace) refining, VD (vacuum degasser) vacuum treatment (optional), continuous casting, slow cooling of casting blank, heating, TMCP (thermomechanical rolling process) rolling, slow cooling, and hardening and tempering. By using the novel composite microalloying component design idea and simple effective process design, the method lowers the production cost of the steel plate, ensures the mechanical properties, ultrasonic flaw detection index and other indexes of the steel plate, and enhances the wear resistance of the steel plate. The steel plate produced according to the scheme has the advantages of uniform properties, excellent flaw detection quality and certain wear resistance, can be widely used in the fields of petrochemical industry, coal chemical industry, machine manufacturing and the like, and has favorable popularization meanings.