The invention discloses a manufacturing method of a hyper-eutectoid steel rail. According to the method, an adopted steel billet comprises, by weight, 0.86-1.05% of C, 0.3-1% of Si, 0.5-1.3% of Mn, 0.15-0.35% of Cr, 0.3-0.5% of Cu, 0.02-0.04% of P, smaller than 0.02% of S, Ni, one of V, Nb and Re, and the balanced Fe and inevitable impurities, wherein the Ni is one half to two thirds of Cu. The invention further provides the hyper-eutectoid steel rail obtained through the method. According to the hyper-eutectoid steel rail, the high-carbon steel billet with the specific composition is made into the hyper-eutectoid steel rail with the good corrosion resistance and good tensile property.