The invention discloses a raw material composition for valve castings special for medium and high pressure oil fields and a production method for the raw material composition. The raw material composition comprises the following components in part by weight: 50 to 40 parts of Q10 pig iron, 50 to 60 parts of low phosphorus steel scrap, 0.5 to 0.8 part of ferromanganese iron, 8 to 10 parts of silicon carbide, 1.8 to 2.2 parts of scrap copper, 0.2 to 0.3 part of scrap tin, 1.5 to 1.7 parts of spheroidizing agent and 1 to 1.5 parts of nucleating agent. The formula and process of the castings are simple, and industrialization is easily realized; the low phosphorus steel scrap is added into the castings, so that the performance of the castings is effectively improved and the production cost of the castings is reduced; and microelements such as scrap copper and scrap tin are added into the castings, so that the generation of the pearlite can be effectively promoted, texture grains are refined, the mechanical properties are improved and a good spheroidization effect is ensured.