The invention relates to a wear resistant steel and smelting method thereof. The wear resistant steel comprises carbon, silicon, manganese, niobium, chromium, phosphorus, oxygen, sulfur, iron and other elements. The steps of hot metal pretreating, converter steelmaking, secondary refining and conventional rolling are carried out to smelt the wear resistant steel. In a smelting process, micro alloying and rare earth processing are employed to control the alloy composition. The yield strength, the tensile strength, the fatigue life, the wear resistance and other indicators of automotive structural parts made from the wear resistant steel are much higher than those of the existing steel plates. The wear resistant steel can be further thinned, thus the weight of a vehicle can be reduced and furthermore energy-saving can be realized.