The invention discloses ultrahigh-strength hot-rolled and acid-pickled hole reaming steel with excellent overall performance and a production method of the steel. The steel comprises raw material chemical components in percentage by mass as follows: 0.04%-0.07% of C, smaller than or equal to 0.03% of Si, 0.9%-1.3% of Mn, smaller than or equal to 0.015% of P, smaller than or equal to 0.003% of S, 0.1%-0.5% of Cr, 0.01%-0.05% of Nb, 0.1%-0.5% of Mo, 0.03%-0.09% of Ti, 0.1%-1.0% of Al and the balance Fe and inevitable impurities. The production method of the hot-rolled and acid-pickled band steelwith high hole reaming performance comprises steps as follows: pretreatment of hot metal, converter smelting, refining, continuous casting, hot rolling, leveling and acid pickling. The microscopic metallographic structure of the produced band steel is ferrite+bainite, wherein the bainite accounts for 5%-15% of the volume of the structure, the tensile strength of the band steel is higher than or equal to 780 MPa, the hole reaming rate lambda is larger than or equal to 60%, the elongation percentage A80 is larger than or equal to 14%, and excellent band steel surface quality is achieved.