It is an object to provide an API 5L X60 to X70 grade steel material for highly deformable line pipes that exhibits superior HIC resistance in a wet hydrogen sulfide environment with a pH of 5 or more and has a low yield ratio even after coating treatment at 300°C or lower and to provide a method for manufacturing the steel material and a welded steel pipe. The steel material for highly deformable line pipes that has superior strain aging resistance and superior HIC resistance has a specific chemical composition and has a metallographic structure composed mainly of ferrite and bainite. The total area fraction of the ferrite and the bainite is 90% or more, and the difference in hardness between the ferrite and the bainite is 70 or more in terms of Vickers hardness. Both before strain aging treatment at a temperature of 300°C or lower and after the strain aging treatment, the steel material has a uniform elongation of 9% or more and a yield ratio of 90% or less.