The invention provides a Zr based amorphous alloy and a manufacturing method thereof. The components of the Zr based amorphous alloy accord with the following chemical formula (I): ZraCubAlcMdRe (I), wherein M represents one or more of Ni, Fe, Co, Mn, Cr, Ti, Hf, Nb, Be, Si and Ca, R represents one or more of Sc, Y and Er, a, b, c, d and e are atomic percentages, a is greater than or equal to 40 and smaller than or equal to 70, b is greater than or equal to 15 and smaller than or equal to 35, c is greater than or equal to 5 and smaller than or equal to 15, d is greater than or equal to 5 and smaller than or equal to 15, e is greater than 0 and smaller than 0.3, and a+b+c+d+e=100. The manufacturing method of the amorphous alloy comprises the steps of: a) weighing metal raw materials containing Zr, Al, Cu, M and R respectively according to composition of the chemical formula (I) and conducting mixing to obtain a mixed material; b) placing the mixed material in a smelting furnace to undergo smelting so as to obtain a melt, with the burning loss amount of the R element being 5%-100% in terms of atomic percentage; and c) subjecting the melt to casting, thus obtaining the Zr based amorphous alloy. According to the manufacturing method, the dosages of rare earth elements are significantly reduced, and the amorphous characteristics and mechanical properties of the amorphous alloy are ensured.