The invention relates to a method for smelting steel for a drill rod joint by using a rotating furnace using vanadium-titanium-containing molten iron as raw material, and to steel for the drill rod joint with excellent yield strength and impact toughness. According to the method disclosed by the invention, a rotating furnace-LF refining-RH refining-bloom continuous casting method is adopted, and the vanadium-titanium-containing molten iron is used as raw material, so that the degree of purity, P, S, Ti and impurities of molten steel are well controlled; and produced steel for the drill rod joint has excellent quenching degree and structure stability, yield strength of 1, 000-1, 200 MPa, transverse impact strength of at least 70 J at 10 DEG C below zero and vertical impact strength of at least 80 J at 10 DEG C below zero.