The invention discloses a limiting mandrel for a mandrel pipe mill, and the limiting mandrel comprises a milling operating section and a tail section in threaded connection with the milling operating section. The milling operating section comprises a cylindrical substrate, an overlay welding layer fixedly bonded on the outer wall surface of the cylindrical substrate, and a chromium plated layer positioned on the surface of the overlay welding layer, wherein the cylindrical substrate is made of low alloy steel; the overlay welding layer comprises the following components by weight percent: 0.30-0.45% of C, 0.7-1.2% of Si, less than or equal to 0.60% of Mn, 4.5-5.5% of Cr, 0.8-1.2% of V, 1.0-1.75% of Mo, less than or equal to 0.25% of Ni, less than or equal to 0.03% of P, less than or equal to 0.03% of S, and the balance of Fe. The manufacturing method of the limiting mandrel comprises the following steps: fabricating the cylindrical substrate; and carrying out overlay welding, carrying out hot straightening, carrying out rough machining, carrying out finish machining, polishing, carrying out chromium plating, dehydrogenating, and carrying out thread phosphorizing. The limiting mandrel provided by the invention has the advantages of light weight, high strength, long service life and low production cost, is convenient to repair and regenerate, and is suitable for being generalized and used in the metallurgical industry.