The invention relates to a CrNiMo series easily cut pinion steel and a manufacturing method thereof. The steel comprises the following chemical compositions by weight percent: 0.17-0.23% of C, 0.15-0.37% of Si, 0.60-0.95% of Mn, 0.35-0.65% of Cr, 0.35-0.75% of Ni, 0.15-0.25% of Mo, less than or equal to 0.030% of P, 0.010-0.040% of S, 0.005-0.050% of Al, 0.3-0.6% of Ca/S, and the balance of Fe and micro-impurities. The manufacturing method comprises the following steps: smelting in a primary refining furnace (electric furnace or converter); and carrying out LF+VD (ladle refining + vacuum degassing) or RH external refining, continuous casting and rolling, wherein through the external refining and vacuum degassing treatment, the content of the oxygen in the steel is not more than 15*16<-6>,the content of microelement S is controlled, the cutting property of the CrNiMo series pinion steel is improved, and the steel is suitable for speedily cutting and processing important precision parts.