The invention discloses a railway steel plate with high strength and low yield ratio and good toughness and a manufacturing method thereof. The steel plate is prepared from the following components: C, Si, Mn, P, S, Ni, V, Nb, Ti, N and the balance of Fe and impurities, wherein the element contents of the components satisfy the following relation: Nb+V+Ti is less than or equal to 0.11%. Accordingto the manufacturing method, the adding variety and the adding content of alloy elements are reasonably set, the intensifying effect of V and Ti elements and the grain refining effect of Ni and Nb elements are fully achieved, and then a tempering heat treatment process is added after a TMCP (Thermal Mechanical Control Processing) technique, so that steel structures include ferrite, pearlite and asmall quantity of bainite structures so as to enhance the low-temperature toughness of steel. The thickness of the steel plate provided by the invention is 10 to 30 mm, the yield strength ReL of the steel plate at room temperature is greater than or equal to 420 MPa, the tensile strength is 600 to 720 MPa, the low yield ratio is less than or equal to 0.75%, the elongation A is greater than or equal to 20%, the impact work KV2 at the temperature of -46 DEG C is greater than or equal to 130 J, the alloy variety is small, the alloy dosage is low, the production cost is low, and economic benefitsand social benefits are good.