A high-strength steel pipe excellent in weldability on site and a method for producing the steel pipe by improving the reliability of the low temperature toughness of a steel are provided. For example, the steel pipe includes elements to enhance hardenability for furthering high-strengthening and also improving toughness at a weld heat affected zone subjected to double or more layer welding. In the method, the steel is made to consist of a structure composed of bainite and/or martensite by containing prescribed amounts of C, Si, Mn, P, S, Ni, Mo, Nb, Ti, Al and N, and, as occasion demands, one or more of B, V, Cu, Cr, Ca, REM, and Mg, and regulating C, Si, Mn, Cr, Ni, Cu, V and Mo. Such elements enhancing hardenability, by a specific relational expression. The diameter of prior austenite grains may be regulated in a prescribed range. The method may include heating a casting to a temperature not lower than the Ac.sub.3 point, hot rolling such casting, and thereafter cooling the resulting hot-rolled steel plate at a prescribed cooling rate.