An LTPS array substrate and a method for producing the same are proposed. The method includes: forming an insulating layer, a semiconductor layer, and a first positive photoresist layer on the substrate one by one; exposing one side of the substrate on the opposite side of the gate for forming a polycrystalline silicon layer; forming a source and a drain of the TFT on the polycrystalline silicon layer; forming a pixel electrode on the insulating layer and part of the source; forming a plain passivation layer on a source-drain electrode layer; forming a transparent electrode layer on the plain passivation layer so that the transparent electrode layer is connected to the gate, the source, and the drain via the contact hole. The use of masks in types and in numbers in the LTPS technology will be reduced. So, both of the processes and the production costs are reduced.