The invention provides a steel rail with a surface decarburized layer smaller than 0.3mm and a manufacturing method of the steel rail. The steel rail comprises the following chemical components in percentage by weight: 0.60-0.66% of C, 0.10-0.30% of Si, 0.8-1.2% of Mn, 0.2-0.5% of Cr, less than or equal to 0.020% of P, less than or equal to 0.015% of S, less than or equal to 0.0002% of hydrogen, less than or equal to 0.0020% of oxygen and the balance of Fe and unavoidable impurities. The manufacturing method comprises the steps of smelting and continuously casting; refining, and carrying out vacuum treatment by using VD for longer than 25min, wherein the content of hydrogen is lower than 2.0PPm; and carrying out blank casting treatment, namely carrying out hot delivery and hot charging, wherein the blank casting temperature is higher than 760 DEG C, a heating zone in a heating furnace is at a weak-oxidative atmosphere, the furnace temperature at the heating zone is 1250-1320 DEG C, the air coefficient at the heating zone is 1.0-1.20, a soaking zone is at a reducing atmosphere, the furnace temperature at the soaking zone is 1150-1250 DEG C, and the air coefficient at the soaking zone is 0.80-1.00. The surface decarburized layer of the steel rail is smaller than 0.3mm, so that the polishing quantity of an upper rail of a high-speed rail can be reduced; and the structure of the surface layer of the steel rail is refined, so that the hardness of the surface layer can be favorably improved, the surface contact fatigue injury of the steel rail can be reduced, and the service life of the steel rail can be prolonged.