The invention is applicable to the technical field of display panel, and provides a manufacturing method of an active element array substrate, comprising the following steps of: firstly, forming a gate, a capacitor electrode, a first insulating layer, a channel layer, a source electrode and a drain electrode; secondly, forming a second insulating layer on the substrate on all sides, and forming a patterning photo-resistant layer on the substrate; thirdly, removing the second insulating layer above the drain electrode and the capacitor electrode to form a contact window and an opening by taking the patterning photo-resistant layer as a mask, wherein the contact window is exposed out of the drain electrode, while the opening is exposed out of the first insulating layer positioned above the capacitor electrode; and fourthly, forming a pixel electrode on the substrate, wherein the pixel electrode passes through the contact window so as to be electrically connected with the drain electrode and filled in the opening. A storage capacitor is formed by the pixel electrode, the capacitor electrode, and the first insulating layer positioned between the pixel electrode and the capacitor electrode. In the invention, the manufacturing method of the active element array substrate has good process yield, and can avoid the occurrence of over-etching or insufficient etching.