The invention provides a hot dip aluminum and silicon plated steel plate with high machinability and a production method thereof. The hot dip aluminum and silicon plated steel plate comprises a substrate and a plating layer. The substrate comprises less than or equal to 0.0030% of C, less than or equal to 0.030% of Si, more than or equal to 0.06% and less than or equal to 0.20% of Mn, less than 0.015% of P, less than 0.010% of S, 0.020%-0.055% of Als, less than or equal to 0.0040% of N, less than or equal to 0.10% of Nb, less than or equal to 0.10% of Ti, and the balance of Fe and inevitable impurities. The plating layer comprises 7%-11% of Si, 1%-3% of Fe, 0.05%-0.2% of La, 0.05%-0.2% of Mg, and the balance of Al and inevitable impurities. Compared with the prior art, the hot dip aluminumand silicon plated steel plate with high machinability has the advantage of no plating layer falling phenomenon in 8 mm cup test and OT bending experiment.