The invention relates to a high-strength nitrogen-containing economical austenite stainless steel and a manufacturing method thereof. The chemical components of the stainless steel, by weight, of 0.05-0.15% of C, 0.3-1% of Si, 8.5-11.0% of Mn, 14.0-16.0% of Cr, 1.0-2.5% of Ni, 0.10-0.25% of N, less than 0.08% of P, less than 0.01% of S, 0.5-2.0% of Cu, 0.1-0.5% of Mo, and the balance Fe and inevitable impurities, wherein Md <30/50> is greater than or equal to 20 DEG C. In the manufacturing process of the high-strength nitrogen-containing economical austenite stainless steel, through cold rolling twice and flexible annealing, crystal grains are refined through production and inversion of deformation martensites, and finally, the crystal grains of which the dimension is smaller than 500nm are obtained, so that the intensity of materials is greatly improved; and the obtained high-strength nitrogen-containing economical austenite stainless steel has the following specific properties that the yield strength is greater than or equal to 650MPa, the tensile strength is greater than or equal to 1000MPa, and the elongation rate is greater than or equal to 35%, and the high-strength nitrogen-containing economical austenite stainless steel is suitable for preparation of high-strength fine-specification precision strip steels.