The invention discloses a powder material for laser manufacturing of a composite lining plate for a rolling mill house and a mill roll bearing block and a manufacturing method of the lining plate. Thepowder material is prepared from the following components in percentage by mass: 0.1%-0.2% of C, 15%-23% of Cr, 0.2%-0.7% of Si, 0.5%-2% of Mo, 2%-3% of Ni, 0.2%-0.7% of B, 0.2%-1.0% of the Mn, 0.02%-0.2% of MnN, 0.1%-0.5% of Y, and the balance of Fe; and the powder material is fused on a substrate through a laser, and subsequent heat treatment and machining are conducted to complete manufacturing of the lining plate. According to the powder material for laser manufacturing of the composite lining plate for the rolling mill house and the mill roll bearing block and the manufacturing method ofthe lining plate, corrosion resistance of the prepared lining plate is outstanding, the service life of the lining plate is at least 2 times an original lining plate, and the production cost is lowered.