The invention discloses a superhard grinding tool which is composed of a binding agent and a grinding material. The binding agent comprises, by weight, 20-60 parts of Ni, Al, 8-50 parts of Cu and 20-60 parts of Ni-Cr alloy powder, wherein Ni and Al are proportioned according to a molar ratio of 3:1 or 1:1, and the grinding material is diamond which is 40-100% in concentration and 30/40-325-400 meshes in granularity. In addition, the invention further discloses a manufacturing method for the superhard grinding tool. The binding agent and the grinding material namely the diamond are taken as raw materials, the superhard grinding tool is manufactured through a method of compositing self-propagating and soldering, thereby being high in binding strength, good in performance, low in cost and small in thermal damage to diamond, high-speed and long-time grinding can be realized, needs on machining are met, and the superhard grinding tool has the advantages of high binding resistance, high hardness, grinding resistance, high sharpness and long service life. The manufacturing method has the advantages of simple process, pollution freeness, low energy consumption, quickness and low cost.