The invention provides a manufacturing method of high-vanadium high-cobalt high-speed steel, wherein, the composition weight percent of the high-speed steel is as follows: 1.1 percent to 2.18 percent of C, 5.0 percent to 8.0 percent of W, 4.0 percent to 6.0 percent of Mo, 3.0 percent to 5.0 percent of Cr, 1.2 percent to 8.3 percent of V, 6.5 percent to 11.5 percent of Co and the rest, Fe; the process steps of the high-speed steel includes master alloy preparation, spray forming, hot forging, quench tempering treatment, turning, milling and grinding or TiN / AlTiN coating treatment. The invention omits working procedures such as powder sieving, blending, encapsulation and cold and hot isostatic pressing, etc. and does not need costly equipment investment; moreover, the performance of the invention reaches to or even exceeds that of powder high-speed steel, thereby saving process cost and reducing the applied cost of the high-speed steel. The invention can be widely used in various cutters such as cutting tools for making difficult-to-machining material, and is particularly suitable to make cutters with quick-cutting, high hot hardness and long service life such as large-size broaching tool, gear shaver, hob and gear shaping tool for machining gear and various milling cutters used in digital control machine tool, etc.; moreover, the invention also can be used in making mould, etc.