The invention discloses a two-sided weft-knitted cut-pile knitted fabric and a knitting method thereof. The fabric comprises a piled layer, a flat layer and a connection layer, the connection layer isconnected with the flat layer and the piled layer, and loop formation and loop cutting for pile formation of the piled layer are completed in one step. The weft-knitted cut-pile knitted fabric is knitted by a circular weft knitting machine, cylinder needles include knife needles and latch needles, dial needles include latch needles, and accordingly front and back faces of the fabric can be different in loop density, and the loop density of the flat layer of the fabric is larger than that of the piled layer; due to one-step completion of loop formation and cutting of the piled layer, production cost is saved, and production efficiency is improved; owing to the connection layer, fixation and isolation effects on the flat layer and the piled layer are achieved, dimensional stability of the fabric is improved, and exposure of pile yarns or connection yarns of the fabric is reduced. By adoption of the knitting method, procedures of a fabric compounding process are avoided, safety of the fabric is guaranteed, and the method has a promising application prospect in garment fabrics, home textile fabrics, industrial fabrics and the like.