A high-strength seamless steel pipe for oil wells excellent in sulfide stress cracking resistance which comprises, on the percent by mass basis, C: 0.1 to 0.20%, Si: 0.05 to 1.0%, Mn: 0.05 to 1.0%, Cr: 0.05 to 1.5%, Mo: 0.05 to 1.0%, Al: 0.10% or less, Ti: 0.002 to 0.05% and B: 0.0003 to 0.005%, with a value of equation “C+(Mn/6)+(Cr/5)+(Mo/3)” of 0.43 or more, with the balance being Fe and impurities, and in the impurities P: 0.025% or less, S: 0.010% or less and N: 0.007% or less. The seamless steel pipe may contain a specified amount of one or more element(s) of V and Nb, and/or a specified amount of one or more element(s) of Ca, Mg and REM. The seamless steel pipe can be produced at a low cost by adapting an in-line tube making and heat treatment process having a high production efficiency since a reheating treatment for refinement of grains is not required.