The invention discloses a hot-rolled steel plate for an ocean riser with low cost and high performance and a production method thereof. The chemical components of the steel plate comprise C 0.04-0.10%, Si 0.10-0.35%, Mn 1.55-1.85%, Nb 0.02-0.08%, Ti 0.008-0.020%, Al 0.010-0.040%, P less than or equal to 0.020%, S less than or equal to 0.003%, Mo less than 0.20%, Cu less than or equal to 0.25%, Ni less than or equal to 0.30%, Cr less than or equal to 0.25%, N less than or equal to 0.008%, and the balance being Fe and unavoidable impurities, wherein Al / N is greater than or equal to 3, Ni+Cu+Mo+Cr is less than or equal to 0.70%, Nb+Ti is less than or equal to 0.09%, and Ti / N is equal to 2.5-5. CEIIW is 0.40-0.45%, CEPCM is 0.16-0.21%, casting blank heating temperature is 1,160-1,230 DEG C, four-stage heating is adopted, rough rolling temperature is 980-1,120 DEG C, fine rolling temperature is 790-900 DEG C, cooling temperature after rolling is 750-800 DEG C, cooling speed is 5-35 DEG C / s, and final cooling temperature is 430-520 DEG C. The steel plate of the invention has yield strength above 555 MPa, endwise tensile strength above 630 MPa, good cracking resistance, corrosion resistance and fatigue resistance, good comprehensive property, and low cost.