The effects of Al deoxidation and Zr deoxidation on the microstructure and properties of sulfide stress corrosion resistant high-strength steel have been investigated. The feasibility of the Zr deoxidation instead of Al deoxidation was confirmed by the thermodynamic analysis of the deoxidation of various elements. The experimental results indicate that the average diameters of the inclusions in Al-Steel and Zr-Steel were 2.45 μm and 1.65 μm, respectively. The Al-Steel and Zr-Steel contained 22.38% and 68.77% inclusions per unit area, respectively, and the fraction of inclusions in the Al-Steel and Zr-Steel with diameters less than 2 μm was about 73.46% and 89.63%, respectively, indicating that the Zr deoxidation process could effectively refine inclusions and promote dispersion. The average diameters of austenite grain for the Al-Steel and Zr-Steel were about 9.1 μm and 8 μm, respectively. The fine particles in Zr-Steel could pin the austenite grain boundaries and clearly refine the grains. The average grain size of tempered martensite was 8.2 μm and 3.8 μm, respectively. The yield strength of the Al-Steel and Zr-Steel was 922 MPa and 939 MPa, respectively; the impact energy was 60 ± 6 J and 132 ± 6 J, respectively. Moreover, the fracture time of the NACE-A was from 28 h (Al-Steel) to 720 h (Zr-Steel) without fracture. The experimental steel deoxidized by Zr achieved a simultaneous improvement in strength, toughness and sulfide stress corrosion resistance, and the effect of inclusions on the fracture of the sulfide stress corrosion resistant high-strength steel can be explained by the Griffith theory.