The invention discloses a TMCP-type F40 steel with excellent low-temperature toughness and a manufacturing method thereof. The TMCP-type F40 steel comprises the following chemical components in percentage by weight: 0.010-0.12 percent of C, 0.3-2.0 percent of Mn, less than 0.6 percent of Si, less than 0.0030 percent of S, less than 0.015 percent of P, 0.010-0.120 percent of Nb, 0.005-0.030 percent of Ti, less than 0.120 percent of V, less than 0.060 percent of Al, less than 0.60 percent of Mo, less than 1.2 percent of Cu, less than 1.5 percent of Ni, less than 1.2 percent of Cr, less than 0.0040 percent of B, less than 0.01 percent of Ca, 0.003-0.010 percent of N, 0.001-0.006 percent of O, less than 0.0001 percent of Mg, and the balance of Fe and other inevitable impurities. The manufacturing method comprises the steps of smelting by a revolving furnace or an electric furnace, external refining, casting, slabs reheating as well as rolling control and cooling control. The product has excellent toughness, intensity and welding performance.