The invention relates to a low-alloyed petroleum casing pipe with high anti-collapse and high hydrogen sulfide corrosion resistance and a production method. The weight percentages of the chemical components of the low-alloyed petroleum casing pipe are: 0.24-0.34 percent of C, 0.35-1.0 percent of Mn, 0.20-0.50 percent of Si, 0.4-1.1 percent of Cr, 0.2-0.7 percent of Mo, 0.007-0.07 percent of Al, 0.005-0.05 percent of Ti, 0.01-0.05 percent of Nb, 0.05-0.15 percent of V, 0-0.6 percent of Ni, 0-0.2 percent of Cu, less than 0.003 percent of B, less than 0.015 percent of P, less than 0.005 percent of S and less than 0.01 percent of Ca and the rest of Fe and inevitable impurities. The production method comprises: external refining and vacuum degassing, and then Ca treatment, smelting, continuous casting to form round blocker and pipe making, soaking, air cooling after rolling, sawing, and then quenching and tempering heat treatment, heating to 880-900 DEG C, water quenching after heat preservation for 30-60 min, tempering and heat preservation under 680-710 DEG C and hot sizing under 550-650 DEG C, the temperature of hot straightening is more than 450 DEG C. The low-alloyed petroleum casing pipe has better anti-collapse performance and hydrogen sulfide corrosion resistance.