A heat-not-burn aerosol generating substrate is disclosed. The substrate internally has a porous and loose structure, crystal blocks and plant fiber filaments coexist in the porous and loose structure, gaps exist between the crystal blocks, and the gaps are not uniformly and irregularly distributed in a space. When the heat-not-burn aerosol generating substrate is heated, aerosol generated can pass through the gaps, so as to be sucked by a smoker. In the present disclosure, a heat-not-burn aerosol generating product includes a heat-not-burn aerosol generating substrate and a packaging material for wrapping the heat-not-burn aerosol generating substrate. The present disclosure relates to a manufacturing method for a heat-not-burn aerosol generating substrate. The manufacturing method includes the following steps: providing raw material components for manufacturing the heat-not-burn aerosol generating substrate, and making the raw material components into a paste-like material; molding the paste-like material through a molding process; and evaporating moisture of the paste-like material through a baking process.