Non-oriented electrical steel good in weldability and magnetism is composed of, by weight, 0-0.0030% of C, 0.8%-1.7% of Si, 0.2%-0.8% of Mn, 0-0.0050% of S, 0.01%-0.15% of P, 0-0.030% of Al, 0-0.0050% of N, 0-0.05% of Sn and/or Sb. A production method comprises the steps that steel making, hot rolling, pickling and cold rolling are conducted, and then the thickness of a finished product is achieved; after the finished product is subjected to annealing, bluing treatment is conducted; and sampling, reeling, packaging and inspection are conducted. According to the non-oriented electrical steel good in weldability and magnetism and the production method, the weldability of the product is improved while interlamination resistance is kept, weld porosity, broken welding and other defects are decreased; through control over the atmosphere, temperature and dew point of oxidation and bluing, unit speed and bluing temperature of a non-oriented electrical steel sheet, the interlamination resistance is improved, meanwhile, magnetism deterioration caused by surface oxidation can be reduced to the smallest extent, and the magnetism of the finished product is ensured, specifically, a 0.50 mm sheet B50 is larger than or equal to 1.75 T, and P1.5/50 is smaller than or equal to 5.0 W/kg.