The invention discloses an oxygen-bearing steel belt and a production method thereof and belongs to the technical field of metallurgy. The oxygen-bearing steel belt comprises, by mass, 0-0.008% of C, 0.15%-0.45% of Mn, 0-0.004% of Si, 0-0.006% of S, 0-0.020% of P, 0.001%-0.003% of Al, 0-0.0040% of N, 0-0.0050% of [O], and the balance iron and inevitable impurities. The production method comprises the specific steps of molten iron desulphurization, converter smelting, external refining, continuous casting, continuous casting slab heating, hot rolling and crimping; the production method is characterized in that the content of the [O] is controlled to be 0-0.0050% through the step of external refining. The oxygen-bearing steel belt produced through the production method is good in steel-aluminum compound property and wide in application range, the tensile strength is 315 MPa or higher, and the yield strength is 246 MPa or higher. According to the oxygen-bearing steel belt and the production method thereof, the production process cost is low, and the production stability is high.