With the development of oil industry, the high strength-toughness drill pipe suited to the task of sour environment and ultra deep wells would be considered more and more important. A new drill pipe steel, which was designed with the proper decrease of C content and increase of Cr, Ni, Mo, Nb and V alloy element, was developed and studied in this study. Large deformation hot rolling technology was used to obtain ultrafine grains microstructure. The results showed that the yield strength of this new drill pipe steel had reached 150ksi with the impact toughness more than 150J, which can perfectly meet the “leak-before-break” crack principle. The new low-alloy carbon steel drill pipe in the controlled yield strength grade 150ksi showing excellent sulfide stress cracking resistance and strength-toughness have been developed. Based on the observation of scanning electron microscopy and transmission electron microscopy, several kinds of carbide particles including (Nb, Mo, V)C with nanometer scale, were distributed in tempered sorbite matrix. The objective of this work was to study the relationship between carbide precipitation and strength-toughness by optimizing element design, thermo mechanical control process and heat treatment of drill pipe steel.