The invention discloses pipeline steel with excellent toughness for a minus 45 DEG C extremely-low-temperature environment and a manufacturing method thereof. The steel comprises, in percentage by mass, the following chemical elements of 0.030%-0.060% of C, 0.10%-0.30% of Si, 1.30%-1.60% of Mn, less than or equal to 0.0100% of P, less than or equal to 0.0015% of S, 0.40%-0.55% of Ni, 0.05%-0.20% of Cr, 0.050%-0.075% of Nb, 0.008%-0.020% of Ti, 0.0010%-0.0040% of Ca, 0.010%-0.050% of Al, less than or equal to 0.005% of B, 0.0010%-0.0060% of N, less than or equal to 0.0050% of O, and the balanceFe and inevitable impurities, wherein the elements simultaneously meet the following relationship that the Ni is larger than or equal to 1.6*(C+Mn / 6), log (C*Nb) is less than or equal to minus 2.5, Cplus Mn / 6 plus Cr / 5 is larger than or equal to 0.28% and is less than or equal to 0.35%, and Ti / N is larger than or equal to 2.5 and is less than or equal to 5.0. The yield strength of the pipeline steel is larger than or equal to 450 MPa, the tensile strength is larger than or equal to 535 MPa, the elongation rate is larger than or equal to 18%, the Charpy impact power AKV at minus 45 DEG C is larger than or equal to 250J, and the shear area rate Sa% of a DWTT fracture at minus 45 DEG C is larger than or equal to 85%.