The invention discloses a high-elastic knitted fabric for an underpants waistband and a manufacturing method of the high-elastic knitted fabric. The high-elastic knitted fabric comprises a surface layer and a bottom layer; the surface layer is formed by uniformly weaving multiple nylon 70D/68F; the bottom layer is formed by uniformly weaving multiple spandex 105D; the content of the surface layer accounts for 60 percent to 67 percent of total parts by weight; the content of the bottom layer accounts for 40 percent to 33 percent of the total parts by weight. The method comprises the following steps: step 1, material selecting, i.e., selecting the nylon 70D/68F and the spandex 105D; step 2, weaving, sequentially comprising listing, purchasing, machine clearing, checking, triangle changing, material taking, cloth feeding, machine regulating, rechecking, machine starting, cloth dropping, inspecting and warehousing; step 3, dyeing, sequentially comprising unwinding, desizing, water washing, semi-finished product forming, color compounding, vat entering, color matching, vat exiting, dewatering, drying, finished product forming, testing, inspecting, packaging and warehousing; step 4, inspecting and testing, i.e., performing conventional color fastness detection and physical index detection. By adopting the high-elastic knitted fabric for the underpants waistband and the manufacturing method of the high-elastic knitted fabric, production efficiency and wear comfort are improved.