The present invention provides a manufacture method of an IPS TFT-LCD array substrate and an IPS TFT-LCD array substrate. In the manufacture method of the IPS TFT-LCD array substrate, the pixel electrode and the common electrode are manufactured with the same transparent conductive layer, and a plurality of strip shape channels parallel with one another in the pixel area are provided on the insulation protective layer below the pixel electrode and the common electrode, and the pixel electrode and the common electrode are alternately distributed along bosses at two sides of the channels and extend to side walls of the channels, and thus to increase the areas of the pixel electrode and the common electrode in the direction vertical to the substrate, and to increase the horizontal electrical field, and meanwhile to increase the storage capacitor, and thus to promote the display quality of the liquid crystal panel.