The invention relates to a dielectric film current limiting type vertical cavity surface emitting laser and a manufacturing method of the emitting laser, belongs to the field of a semiconductor laser, and solves the problems of low process precision, poor reliability and poor performance consistency in the prior art. The dielectric film current limiting type vertical cavity surface emitting laser structurally comprises an N-surface electrode, a substrate layer, an N type DBR layer, an active layer, a dielectric film current limiting layer, a P type DBR layer and a P-surface electrode in arrangement from bottom to top. The method provided by the invention is characterized in that the N type DBR layer and the active layer sequentially grow on the substrate layer, the N type DBR layer and the active layer are etched into a cylindrical table top, in addition, the substrate layer is exposed, the dielectric film current limiting layer grows on the surface of the cylindrical table top and the surface of the substrate layer, a current limiting window is etched at the dielectric film current limiting layer, and in addition, the active layer is exposed; the P type DBR layer grows on the upper surface of the dielectric film current limiting layer and the upper surface of the active layer in an epitaxy way; the P-surface electrode and the N-surface electrode are respectively manufactured on the upper surface of the P type DBR layer and the lower surface of the substrate layer.