The invention relates to steel for caterpillar type engineering machinery caterpillar link pin bushes and a production method thereof, which belong to the technical field of metallurgy. The steel for the caterpillar type engineering machinery caterpillar link pin bushes consists of the following chemical components in percentage by weight: 0.38 to 0.43 percent of C, 0.10 to 0.25 percent of Si, 0.60 to 0.85 percent of Mn, 0.90 to 1.20 percent of Cr, 0.30 percent or less than 0.30 percent of Cu, 0.025 percent or less than 0.025 percent of S, 0.030 percent or less than 0.030 percent of P, 0.20 percent or less than 0.20 percent of Ni, 0.001 to 0.004 percent of B, 0.030 to 0.050 percent of Ti, 0.015 to 0.060 percent of Al, 15*10< -6 > percent or less than 15*10< -6 > percent of O, 3*10 <-6 > percent or less than 3*10 <-6 > percent of H, 60*10 <- 6> percent or less than 60*10 <- 6> percent of N and the balance Fe and inevitable impurities. The invention also provides the production method for the steel for the caterpillar type engineering machinery caterpillar link pin bushes, and the production method can be adopted to produce round steel with the specification of 30mm to 100mm in diameter. The steel has high fatigue resistance, wear resistance and corrosion resistance, the performance of a machined caterpillar type engineering machinery caterpillar link pin bush is excellent, and the service life of the caterpillar type engineering machinery caterpillar link pin bush made of the steel is longer than the service life of the caterpillar type engineering machinery caterpillar link pin bush made of an ordinary alloy structure steel material.