The invention relates to a color masterbatch and a manufacturing method, specifically to pigmentation of a variety of plastics. The color masterbatch provided by the invention is composed of deionized water, polyvinyl butyral, ethanol, an antifoaming agent, a stabilizer, a plasticizer, a dispersant, polyethylene wax, ethylene oxide wax, a leveling agent, a coupling agent, plastic pigment powder, an anti-ultraviolet agent and an anti-ageing agent. The color masterbatch provided by the invention is prepared from a variety of raw materials in reasonable proportion, has excellent dispersion uniformity, smoothness, flexibility and low-temperature resistance, and significantly improves the quality of a product; the color masterbatch provided by the invention has two shapes of powder and granule, thereby meeting different addition requirements of powdered resins (like PVC) and granular resins (like PMMA) and achieving the effect of uniform pigmentation; and the color masterbatch provided by the invention is applicable to pigmentation of resins like PVC, ABS, PMMA, PS, polyurethane and epoxy resin.