The invention discloses a round steel with high strength and toughness and hydrogen sulfide stress corrosion resistance for a drilling tool and a manufacturing method of the round steel. The round steel comprises the following chemical components in percentage by mass: 0.20-0.30% of C, 0.15-0.40% of Si, 0.20-0.70% of Mn, less than or equal to 0.010% of P, less than or equal to 0.005% of S, 0.70-1.30% of Cr, 0.40-0.95% of Mo, less than or equal to 0.25% of Ni, 0.05-0.10% of Cu, 0.05-0.10% of Alt, less than or equal to 0.1% of V, less than or equal to 0.06% of Nb, less than or equal to 0.010% of Ti, less than or equal to 0.009% of N, 0.001-0.003% of B and the balance of Fe and inevitable impurities. By adopting the preparation method, the round steel with the maximum specification of 350mm can be manufactured, and the round steel is particularly suitable for being processed to be stress complex drilling tools with large specifications and high strength and toughness requirements such as hydrogen sulfide corrosion resistant drill rods, drill collars, and drill rod joints applied to acidic oil wells.