The invention discloses a spinning microwave oscillator based on a vertical magnetizing free layer and a manufacturing method of the spinning microwave oscillator. The spinning microwave oscillator comprises a magnetic multilayer film and electrodes connected with the magnetic multilayer film, wherein the magnetic multilayer film comprises a seed layer, a first magnetic layer, a non-magnetic isolating layer, a magnetic free layer and a protecting layer; the first magnetic layer is formed on the seed layer and has an in-plane balanced magnetizing state; the non-magnetic isolating layer is formed on the first magnetic layer; the magnetic free layer with vertical magnetization is formed on the non-magnetic isolating layer; and the protecting layer is formed on the free layer. The manufacturing method of the spinning microwave oscillator comprises the steps of: forming the magnetic multilayer film on a substrate according to a magnetron sputtering method; processing the magnetic multilayer film into a nanometer columnar or point contact structure according to microelectronic technology; and arranging upper and lower electrodes on the magnetic multilayer film so as to form a target product. The spinning microwave oscillator can obtain high microwave power output without externally added magnetic field; the spinning microwave oscillator has the characteristics of small size, simple structure, adjustable broadband, easiness in integration and the like; the preparation is easily realized; and the cost is low.