The present invention provides a side diamond oil casing for oil and gas exploitation industry, the chemical composition of the oil casing is: C=0.23~0.40, Si=0.15~0.50, Mn=0.60~1.60, P≤0.25, S≤ 0.15, Cr=0.40~1.60, Mo=0.10~0.40, Cu≤0.30, and the balance is Fe; a method for producing the side diamond oil casing for the oil and gas exploitation industry is also provided, the method includes the steps of: refining Steel raw material; steelmaking; heating the cooled continuous casting slab in an annular heating furnace, the furnace temperature is 1250-1290°C, the heat centering temperature is 1200-1220°C, the hot piercing temperature is 1220-1250°C, continuous rolling, Sizing, cooling, sawing, straightening, flaw detection; heat treatment, final flaw detection; joint thread processing. The effect of the present invention is that the sidetracking casing produced by the method can ensure the smooth insertion of the casing, leave enough space for the installation of sucker rods and pumps in subsequent oil production operations, and quickly restore normal oil and gas production, thereby greatly Reduce drilling costs.