A steel for mining chain and a manufacturing method thereof, wherein the steel has compositions by weight percentage: C: 0.20-0.28%, Si: 0.01-0.40%, Mn: 0.50-1.50%, P≤0.015%, S≤0.005%, Cr: 0.30-2.00%, Ni: 0.50-2.00%, Mo: 0.10-0.80%, Cu: 0.01-0.30%, Al: 0.01-0.05%, Nb: 0.001-0.10%, V: 0.001-0.10%, H≤0.00018%, N≤0.0150%, O≤0.0020%, and the balance is Fe and inevitable impurities. The manufacturing method comprises steps of smelting, refining and vacuum treatment, casting, heating, forging or rolling, and quenching and tempering heat treatment processes. The steel in the present invention has high strength and good impact toughness, good elongation and reduction of area. The steel can also resist stress corrosion cracking and have good weather resistance, wear resistance and fatigue resistance, which can be used in scenarios where the steel having high strength and toughness is required, such as construction machinery and marine engineering.