The invention relates to a high-strength high-ductility low-density steel plate of the 1200 MPa grade and a manufacturing method thereof. The high-strength high-ductility low-density steel plate is prepared from the following components according to mass percent: 0.7 to 1% of C, 13 to 20% of Mn, 8 to 11% of Al, 1 to 4% of Ni, less than 0.1% of Si, less than 0.01% of S, less than 0.01% of P, 0 to 0.1% of Ti, 0 to 0.1% of Nb and 0 to 0.15% of V; the tensile strength is 1200 to 1300 MPa, the elongation is 30 to 40%, and the density is 6.5 to 7 g/cm<3>. The manufacturing method comprises the following steps of (1) smelting molten steel according to the components, and pouring; (2) heating to 1100 to 1200 DEG C, performing hot rolling after heat preservation, and performing water cooling to theroom temperature after hot rolling is finished; (3) heating to 900 to 1100 DEG C, and performing water cooling after heat preservation; (4) performing cold rolling after pickling; and (5) heating to800 to 1000 DEG C, and performing air cooling after heat preservation. The low-density steel plate has high strength and high ductility.