The invention provides a Martensite wear-resistant cast steel with film Austenite for enhancement of toughness comprises 0.25˜0.34 wt % C, 1.40˜2.05 wt % Si, 0.90˜1.20 wt % Mn, 1.80˜2.50 wt % Cr, 0.0005˜0.005 wt % B, 0.01˜0.06 wt % Ti, 0.015˜0.08 wt % Rare Earth, 0.015˜0.06 wt % Al, less than 0.035 wt % S, less than 0.035 wt % P, and the balance of iron. The method of producing the cast steel includes smelting and heat-treatment, after smelting as normal operation, adding Ferro-Rare Earth and Ferro-Boron in the ladle in sequence, then high temperature normalizing, water quenching and low temperature tempering. TEM structure of the cast steel is martensite lath with film austenite between martensite laths. Cast steel of the invention exhibits high hardenability and toughness, and low cost without precious Molybdenum and Nickel, applied to a range of wear-resistant castings, especially to heavy-section castings, i.e. heavy-section tooth.