The invention relates to a metal-based diamond grinding wheel and a manufacturing method thereof. The grinding wheel comprises a steel core and an abrasive ring, wherein the abrasive ring is preparedfrom, by mass, 35-55 percent of diamond abrasive, 40-55 percent of metal binder and 5-15 percent of auxiliary binder. The metal binder contains, by mass, 50 to 60 percent of Cu powder, 30 to 45 percent of Sn powder and 5 to 10 percent of Ti powder. A method for manufacturing the metal-based diamond grinding wheel comprises the following steps: according to the proportion of the abrasive ring, uniformly mixing the components, uniformly mixing with the auxiliary binder, drying, sieving and molding, sintering in an inert gas atmosphere, raising the temperature to the sintering temperature at a heating rate of 5-15 DEG C/min, sintering for 20-60 min, cooling to obtain an abrasive ring blank, and bonding with a steel core to obtain the metal-based diamond grinding wheel. The method is short insintering time, the prepared abrasive wheel has good thermal conductivity and large space for accommodating metal chips and abrasives in the working process, is not easy to block in the high-speed grinding process, is sharp in grinding, has high grinding accuracy, and has self-sharpness.