The invention relates to low-carbon-equivalent low-temperature-usable high-thickness toothed rack steel and a manufacturing method thereof. The toothed rack steel comprises the following chemical components: C, Si, Mn, P, S, Cr, Mo, Ni, Cu, Al, V, N, B and the balance of Fe and impurity elements, wherein the carbon equivalent CEV is less than 0.65. The manufacturing method sequentially comprises the steps of KR molten iron pretreatment, converter smelting, LF and RH refining, continuous casting, continuous casting blank heating, rolling, thermal refining and the like. The thickness of the toothed rack steel plate manufactured by the invention can be up to 152.4mm, the yield strength is above 690Mpa, the tensile strength is 790-930MPa, the elongation percentage is 319%, and the Charpy impact energy at -60 DEG C is more than 100J. Besides, the toothed rack steel is favorable in comprehensive mechanical property, convenient in production process and low in cost.