The invention discloses a heat-resistant steel based WC40 steel bond hard alloy guide roller and a manufacturing method thereof. The guide roller adopts heat-resistant steel based WC40 steel bond hard alloy comprising the chemical components of, by mass, 0.25-0.5% of C, 2.0-5.0% of Cr, 1.0-4.0% of Mo, 1.0-4.0% of W, 0.25-0.85% of V, 0.6-0.7% of Mn, 0.4-0.6% of Si, 40% of WC and the balance Fe. Then the heat-resistant steel based WC40 steel bond hard alloy is forged, annealed, machined, subjected to heated treatment, ground and inspected, and the final guide roller is obtained. The steel bond hard alloy guide roller prepared through the method has the excellent physical and mechanical properties such as high hardness, abrasion resistance, high-temperature-oxidation resistance and thermal shock resistance, the service life of the guide roller is prolonged, the steel rolling production efficiency and product quality are improved, the production cost is low, and the guide roller has quite high cost performance, economic benefits and social benefits.