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The invention discloses molybdenum-containing nickel-saving austenitic stainless steel with excellent corrosion resistance and a manufacturing method thereof. The molybdenum-containing nickel-saving austenitic stainless steel with excellent corrosion resistance contains: by weight, 0.03 to 0.10% of C, 0.2 to 1.0% of Si, 4.0 to 9.0% of Mn, 16.5 to 18.0% of Cr, 1.5 to 3.5% of Ni, 0.15 to 0.35% of N, 0.2 to 0.8% of Mo, 0.01 to 2.5% of Cu, less than or equal to 0.1% of one or more of V, Nb, Ca and B, and the balance Fe and unavoidable impurities. Through the manufacturing method, Ni content is controlled in a rang of 1.5 to 3.5%, and Mn and N elements are added to replace precious metal Ni to be utilized for austenitizing, so that a microstructure of room-temperature austenite is obtained. The manufacturing method adopts 0.2 to 0.8% of Mo and utilizes a synergistic effect of Cr, Mo and N to improve corrosion resistance. Through the manufacturing method, the pitting-resistance equivalent number of the molybdenum-containing nickel-saving austenitic stainless steel with excellent corrosion resistance is great than or equal to 18 and the pitting potential is great than or equal to 330mV, wherein the properties of the molybdenum-containing nickel-saving austenitic stainless steel with excellent corrosion resistance are equivalent to or superior to corresponding properties of 304 austenitic stainless steel.