The invention relates to an oxygen top blown converter steel making method, comprising the following steps: the steel material is added to a converter, oxygen is blown into the converter by an oxygen lance and auxiliary materials are added into the furnace by stages; the method is characterized in that steel material comprises molten iron containing vanadium and titanium; lance position of the oxygen lance moves within 1.35-2.2m above molten steel liquid surface in the converter, wherein blowing beginning lance position is 1.9-2.1m, blowing lance position is 1.4-1.8m and catch carbon lance position is 1.35-1.45m; wherein the auxiliary materials comprise compound slag, lime and high-magnesium lime relative to every ton of molten iron containing vanadium and titanium, the first batch of auxiliary materials are added when the oxygen blowing content is 0.5-3.5%; the method of the invention is suitable for smelting low-level steel grade which has undemanding requirements on P and S by vanadium-and-titanium-containing molten iron which has relatively high content of P and relatively low content of S after being pretreated. The method can effectively lower consumption of auxiliary materials for molten iron smelting in Panxi Area, shortens smelting time and improves metal yield.