The invention discloses a strategic petroleum reserve tank steel plate based on oxide metallurgy and a manufacturing method of the strategic petroleum reserve tank steel plate. The yield strength of the steel plate is large than or equal to 490 MPa, the tensile strength is 610-730 MPa, and the yield ratio is smaller than or equal to 0.90. The manufacturing method comprises the steps that a continuous casting billet is manufactured, heated for heat preservation, roughly rolled, finely rolled, directly quenched and cooled at the speed being larger than or equal to 50 DEG C/s, heated, tempered and subjected to air cooling. The steel plate is also applicable to manufacturing of large strategic petroleum reserve tanks with the volume being 100000 m<3>, 150000 m<3> or more; when the steel plateis subjected to large heat input welding when heat input is large than 200 KJ/cm, after welding, the welding heat affected zone -20 DEG C impact energy is not lower than 80 J; a two-face two-pass X-type welding way which sets limitations for 25-60 mm steel plates in existing petroleum reserve tank construction is expected to be changed into single-face single-pass V-type welding, welding labor hours can be reduced by one half almost, the petroleum reserve tank construction speed is remarkably improved, the strategic petroleum reserve tank building cost is greatly reduced, and the application and popularization prospect is quite good.