The invention relates to high-strength high-tenacity steel used for automobile wheels and a production method thereof, and mainly solves the technical problems that the existing steel used for the automobile wheels has low strength and tenacity, and the strength can not be matched with the plasticity well. The invention has the technical scheme that the high-strength high-tenacity steel used for the automobile wheels is characterized by comprising the following chemical components in percentage by weight: 0.05-0.09% of C, less than or equal to 0.060% of Si, 0.90-1.20% of Mn, less than or equal to 0.022% of P, less than or equal to 0.010% of S, 0.040-0.060% of Nb, 0.010-0.025% of Ti, 0.015-0.045% of Alt, and the balance of Fe and inevitable impurity elements. Two-stage controlled rolling is adopted, the rough rolling output temperature is 1000-1100 DEG C, finish rolling is started when the temperature is above 930 DEG C, the cumulative screw-down rate is greater than or equal to 80%, the finish final rolling temperature is lower than or equal to 880 DEG C, and then the steel is coiled after being cooled to the temperature of 550-650 DEG C by laminar flow. The invention is mainly used for producing the steel used for the automobile wheels.