The invention discloses a one-way moisture guiding and absorbing and heating knitted fabric and a manufacturing method thereof. The fabric is knitted from first yarn, second yarn and third yarn, the first yarn is covering yarn, the second yarn is polyurethane elastic fiber yarn or polyolefin elastic fiber yarn, and the third yarn is cotton fiber blended yarn or all cotton yarn. The fabric is of a three-layer structure composed of an outer layer, a middle layer and an inner layer, the outer layer is knitted from the first yarn, the middle layer is knitted from the second yarn, and the inner layer is knitted from the third yarn. The manufacturing method of the fabric sequentially comprises the following steps of 1, yarn preparation; 2, weaving on a machine; 3, blank inspection; 4, loose fabric cylinder matching; 5, pre-sizing; 6, pretreatment; 7, dyeing; 8, soaping; 9, acid pickling; 10, in-cylinder softening; 11, dehydrating and drying; 12, re-sizing; 13, polished blank inspection. The fabric has a one-way moisture guiding function and achieves moisture absorbing and heating functions.