Drilling equipment is the key of oil and gas drilling development. Its manufacturing quality and service performance have important influence on oil and gas drilling development safety. The application of high strength grade steel plays an important role in improving drilling equipment manufacturing level and service performance. In this paper, the chemical composition, microstructure, tensile properties, impact properties and hardness of TMCP Q550D and Q-T Q550D high-strength low-alloy steel were tested and compared, and the application feasibility for drilling equipment manufacture was analyzed comprehensively. The experimental results show that the mechanical properties of Q550D by two different methods were obviously higher than the requirement of national standard. Q550D steel had excellent plasticity and toughness, which meets the requirement of drilling equipment manufacture. The main difference between different steel lied in their chemical composition and micro-structure. Carbon content of TMCP Q550D steel plate was lower than that of QT Q550D, and TMCP Q550 was mainly depend on TMCP technology and micro-alloy elements, whose micro-structure was mainly granular bainite. Q-T Q550D was mainly depend on Q-T technology, and its microstructure was tempered sorbite with obvious banded structure and slightly low toughness.