A kind of low alloy high speed steel roller material and the method to produce it. The chemical components of it is( weight percent): C: 1.2-1.8%, Cr: 4.5-6.5%, W: 1.0-3.0%, Mo: 1.0- 3.0%, V: 3.0-5.0%, Al: 0.6-1.2%, Si: 0.8-1.2%, N: 0.05-0.15 %, B: 0.04-0.12%, Nb: 0.05-0.20%, Ti: 0.06-0.18%, Y: 0.04- 0.15%, Mn<0.5%, P<0.04%, S<0.04%, the other is Fe, and the actual content of carbon of it is: 0.033W+0.063Mo+0.060Cr+0.200V+(0.08-0.20). It is made by smelting with electric cooker, the roller is molded by centrifugal complex cast or continuous complex cast, the roller will be quenched and tempered after it has been processed rudely, and the regulated size and accuracy will fulfilled after a fine machining at last. Less Tungsten and Molybdenum element are contained in the low alloy high speed steel roller material, and it does not contain the expensive Cobalt, the production cost of it is lower, and it own high red-hardness, obdurability and abrasion resistance. This patent can improve the productivity of the rolling mill, and prolong the life of roller, and decrease the cost of rolled metal.