The invention provides a high strength seamless steel pipe with excellent low temperature toughness and manufacturing method thereof. The steel pipe comprises 0.15%-0.20% of C, 0.20%-0.30% of Si, 0.2%-0.5% of Mn, no more than 0.010% of P, no more than 0.003% of S, 0.6%-0.8% of Cr, 0.4%-0.7% of Mo, 1.0%-1.4% of Ni, 0.01%-0.035% of Nb, 0.01-0.05% of Als and the balance of Fe. The method comprises steps of: (1) smelting: pretreated molten iron with sulfur no more than 0.005%; and after smelting: P<=0.010%, S<=0.003%, O<=0.002%, N<=0.006% and H<=0.0002%; (2) manufacturing of round billet: degree of superheat of continuous casting superheat of square billet less than 30 DEG C, casting speed fluctuation less than 0.05m / min, straightening temperature higher than 950 DEG C and square billet heating temperature of 1300-1340DEG C; (3) steel pipe molding: billet heating temperature of 1250-1300 DEG C, piercing temperature higher than 1200 DEG C, continuous rolling temperature higher than 1050 DEG C, and sizing and reducing temperature higher than 800DEG C; and (4) heat treatment: quenching temperature of 900-920 DEG C, tempering temperature of 500-600 DEG C and tempering time longer than 60 min. The product provided by the invention has yield strength of 125ksi, and -60DEG C impact energy greater than 40J.