The invention relates to a plastic pressure reducer which comprises a shell, a cover, an air inlet pipe, an air outlet pipe and a throttling valve. The shell and the cover are made of modified polyformaldehyde engineering plastic which comprises, by weight, 80-100 parts of polyformaldehyde, 5-15 parts of flexibilizers, 3-5 parts of wear-resisting agents, 5-8 parts of compatilizers, 3-5 parts of fire retardants, 3-5 parts of antistatic agents and 5-10 parts of stabilizing modifying agents. The manufacturing method includes the steps of firstly weighing the raw materials, drying the polyformaldehyde, evenly mixing the raw materials, adding the raw materials into a pre-heated charging barrel of a high-speed injection molding machine, heating the raw materials to be in the fusing state, injecting the fused raw materials into hot moulds of the shell and the cover in two times through nozzles of hot runners, manufacturing the shell and the cover after pressure maintaining, cooling molding and mould opening are carried out, and finally conducting assembling to form the plastic pressure reducer. The shell and the cover of the manufactured plastic pressure reducer are made of the modified polyformaldehyde engineering plastic, the modified polyformaldehyde engineering plastic is low in cost and easy to obtain, and the plastic pressure reducer is easy to machine, light in weight, low in cost, good in performance and long in service life.