A 780 MPa-grade ultra-high reaming steel having high surface quality and high performance stability, and a manufacturing method therefor. The ultra-high reaming steel comprises the following components in percentage by weight: 0.03-0.08% of C, Si≤0.2%, 0.5-2.0% of Mn, P≤0.02%, S≤0.003%, 0.01-0.08% of Al, N≤0.004%, 0.05-0.20% of Ti, 0.1-0.5% of Mo, Mg≤0.005%, O≤0.0030%, and the remainder being Fe and other inevitable impurities. The ultra-high reaming steel of the present invention achieves matching between good structure homogeneity and performance homogeneity and excellent strength, plasticity, and ultra-high reaming rate; the ultra-high reaming steel has yield strength greater than or equal to 750 MPa, tensile strength greater than or equal to 780 MPa, an elongation A50 greater than or equal to 15%, and a reaming rate greater than or equal to 70%; moreover, appearance of red iron scales on the surface of a steel plate can be avoided, thereby improving the surface quality of pickled high-strength steel; the ultra-high reaming steel can satisfy user requirements well, and can be applied to parts of passenger vehicle chassis components such as a control arm and an auxiliary frame, which require high strength and thinning.