The invention relates to steel for a 300MPa-grade automobile structural part and a production method for the steel. The steel comprises the following main components in percentage by weight: 0.06-0.08 percent of C, 0.05-0.09 percent of Si, 0.30-0.45 percent of Mn, 0.025-0.055 percent of Al, 0.015-0.025 percent of P, less than or equal to 0.006 percent of S, 0.010-0.019 percent of Nb, less than or equal to 0.006 percent of N and the balance of Fe and impurities. The production method comprises the production steps of molten iron desulfurization, converter smelting, ladle argon blowing, continuous casting, heating of a casting blank, hot rolling, winding, conventional pickling, cold rolling, continuous operation and flattening for later use. The production method disclosed by the invention has the advantages of short process flow, lower energy consumption and stable mechanical property; and in addition, on the premise that the yield strength of 300-340MPa and the tensile strength of 390-445MPa are met, the elongation percentage is not lower than 31 percent, the plastic strain ratio r is 1.45-1.80, a strain hardening index n is 0.16-0.20, a wide-cold test bending is 180 degrees and a bending diameter d is equal to 0; and in a metallographic structure, an equiaxed ferrite is 85-90 percent and a granular pearlite is 10-15 percent.