With the rapid 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. 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. Based on the observation of optical 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 multiple alloy-carbide precipitation and mechanical property of this drill pipe steel.