The present invention discloses one kind of ultra-high strength steel with excellent corrosion resistance and fatigue resistance and its making process. The ultra-high strength steel consists of C 0.05-0.12 wt%, Si 0.05-0.50 wt%, Mn 1.10-1.70 wt%, P not more than 0.015 wt%, S not more than 0.010 wt%, Nb 0.025-0.070 wt%, V 0.005-0.080 wt%, Mo 0.20-0.50 wt%, Ni 0.30-0.80 wt%, Ti 0.005-0.025 wt%, Cu 0.25-0.80 wt%, B 0.0005-0.0020 wt%, and Cr 0.10-0.70 wt%, except Fe and inevitable impurities. It has carbon equivalent not lower than 0.65 % and heat sensitive coefficient not lower than 0.30 %. Its making process includes the steps of smelting, desulfurizing molten iron, combined blowing in converter, vacuum treatment, casting into plate blank, etc. It has yield strength not lower than 880 MPa, tensile strength not lower than 980 MPa and V-shaped notch Charpy absorbed-in-fracture energy at -20 deg.c not lower than 100J.