The invention discloses a low-temperature high-toughness ship plate steel which comprises the following components in percentage by mass: at most 0.16% of C, 0.10-0.50% of Si, 0.90-1.60% of Mn, at most 0.025% of P, at most 0.025% of S, at most 0.80% of Ni, at most 0.20% of Cr, at most 0.35% of Cu, at most 0.08% of Mo, at most 0.02% of Ti, and balance of Fe and inevitable impurities. The production method comprises the following steps: electrosmelting, LF external refining, vacuuming with a VD furnace, casting, heating, controlled-rolling, straightening, shot-blasting, quenching, normalizing and cutting to obtain the finished steel plate. The steel plate has the advantages of reasonable design of chemical components, low cost, large thickness (up to 110 mm), high strength (Re>=350 MPa, Rm>=480MPa, A5 / %>=35) and high toughness under low-temperature impact, and the longitudinal impact work at -60 DEG C is greater than or equal to 250 J. The invention has the advantages of simple production technique, stable product performance and small quality fluctuation.