The invention provides a high-elasticity oil seal spring and a production technology of the spring, and relates to the field of spring machining and manufacturing. The spring comprises, by mass percent, 0.05% to 0.08% of C, 0.74% to 0.92% of Si, 1.44% to 1.83% of Mn, 17.22% to 17.52% of Cr, 10.00% to 10.86% of Ni, not larger than 0.030% of S, not larger than 0.035% of P and the balance Fe. The production technology comprises the steps of firstly, spring steel wire producing according to the raw material proportion, secondly, straightening and tailoring, thirdly, spring coiling, fourthly, heat treatment, fifthly, circle connecting, sixthly, paint spraying treatment and seventhly, drying and packaging. Through re-combination of all elements and the technology, the plasticity and toughness of the oil seal spring are effectively improved, and therefore the service life of the oil seal spring is prolonged.