The invention discloses a manufacturing method of a high-strength, high-modulus and low-shrinkage polyester industrial yarn. The manufacturing method comprises the processes of preparation of a highly viscous melt polyester raw material, metering, spinning, cooling, oil applying, drawing, heat shaping and winding formation; the cooling comprises slow cooling, precooling, cooling in an air free zone and air blast cooling in sequence; the precooling part uses a driven hollow-out successive annular strip. Through the introduction of a precooling device, irregularity caused by tow shaking due to move-down of a curing point of a fiber is reduced, the linear density deviation is controlled within a lower range, and orientation and crystallization of an as-spun fiber are reduced, so that the high-strength, high-modulus and low-shrinkage polyester industrial yarn is obtained; and the high-strength, high-modulus and low-shrinkage polyester industrial yarn has the advantages of high breaking tenacity, high initial modulus, low linear density deviation, low breaking elongation and lower dry-heat shrinkage rate and can be used for preferably satisfying requirements on application.