The atmospheric corrosion resistant steel with yield strength of 700 MPa level has the chemical composition comprising C 0.05-0.10 wt%, Si not more than 0.50 wt%, Mn 0.8-1.6 wt%, P not more than 0.020 wt%, S not more than 0.010 wt%, Al 0.01-0.05 wt%, Cu 0.20-0.55 wt%, Cr 0.40-0.80 wt%, Ni 0.12-0.40 wt%, Ca 0.001-0.006 wt%, N 0.001-0.006 wt% and Fe and inevitable impurity for the rest. Its production process includes the following steps: 1. smelting and casting to form steel billet; 2. heating the steel billet to over 1200 deg.c, finish rolling at 950 deg.c in the final temperature lower than 910 deg.c and lowered with the increased plate thickness; and 3. cooling in the rate of 5-15 deg / s to 450-650 deg.c, winding and air cooling to room temperature. The atmospheric corrosion resistant steel has excellent comprehensive mechanical performance, yield strength over 700 MPa, high weather resistance and other advantages.