The invention discloses low-temperature L450M pipeline steel and a manufacturing method thereof. The low-temperature L450M pipeline steel comprises, by weight, 0.050-0.070% of C, 0.10-0.25% of Si, 1.61-1.70% of Mn, 0.056-0.070% of Nb, 0.21-0.30% of Cr, 0.008-0.020% of Ti, 0.015-0.045% of Al, no more than 0.020% of P, no more than 0.006% of S, no more than 0.008% of N, and the balance iron and inevitable impurities, and the cold crack sensitivity coefficient Pcm is smaller than or equal to 0.18%. The thickness of a casting blank is smaller than or equal to 200 mm; the casting blank is subjectedto direct hot charge at the temperature of 500-850 DEG C and heated to be 1140-1200 DEG C, the rough rolling finished rolling temperature is larger than or equal to 970 DEG C, the finish rolling inlet temperature is smaller than or equal to 970 DEG C, and the finish rolling outlet temperature is 790-830 DEG C; then a steel plate is cooled in ultra fast cooling and laminar cooling modes, the cooling speed is higher than or equal to 15 DEG C/s, and low-temperature coiling is conducted under the temperature of 450-550 DEG C. The produced steel plate has good low-temperature performance.