A marine Streptomyces sp., which has an inhibitory effect on sulfate-reducing bacteria (SRB), was selected to study inhibitory effect and mechanism of X65 steel on SRB corrosion in oilfield produced water. Streptomyces and SRB had a competitive growth relationship. The Streptomyces metabolites affected the number and activity of SRB and had good corrosion inhibiting properties. The formation and development of SRB biofilm was inhibited. Mixed bacteria inhibited anodic dissolution of X65 steel and slowed down the electrochemical reaction rate. The film layer on the sample was denser, and the average and localized corrosion rates caused by SRB were significantly suppressed.