The invention discloses a GaN-based light-emitting diode epitaxial wafer and a manufacturing method of the GaN-based light-emitting diode epitaxial wafer, and belongs to the technical field of semiconductors. The GaN-based light-emitting diode epitaxial wafer comprises a substrate, a buffering layer, an undoped GaN layer, an n-type layer, a multiple-quantum-well layer and a p-type layer, wherein the multiple-quantum-well layer is of a multi-cycle structure, each cycle of the multiple-quantum-well layer comprises an InGaN quantum-well layer and a quantum barrier layer which grows on the InGaN quantum-well layer, each quantum barrier layer comprises a first InGaN layer, an AlGaN layer and a second InGaN layer, and each AlGaN layer and each second InGaN layer grow on each first InGaN layer in sequence. According to the scheme, the first InGaN layer and the second InGaN layer of each quantum barrier layer make contact with each InGaN quantum-well layer, the InGaN quantum-well layers, the first InGaN layers and the second InGaN layers are made of the same materials, the degree of lattice mismatch is low, produced stress is low, the effect of a piezoelectric polarization electric field is poor, the degree of band bending of the InGaN quantum-well layers and the quantum barrier layers becomes lower, the capacity of restraining charge carriers is improved, and when high current is injected, serious leakage current cannot be formed.