The invention discloses a high-toughness ultra-wear-resistant hard alloy and a manufacturing method thereof. The high-toughness ultra-wear-resistant hard alloy comprises the following raw materials in percentage by mass: 3.0-5.0% of Co, 0.6-1.0% of VC, 4.0-8.0% of (Ta, Nb) C, 5.0-7.0% of B4C, 0.4-0.8% of carbonyl Ni, 0.4-0.8% of Mo2C and the balance of WC; moreover, the carbon balance value of the proportioning is +0.17 to +0.21%. The manufacturing method comprises the procedures of proportioning, ball-milling, drying-granulating, shaping, and low-temperature carburizing-low-pressure sintering. The method provided by the invention is used for manufacturing the cutting tools of indexable inserts, end mills, micro-drills, glass knives and the like, and is suitable for cutting machining for the many materials of cast iron, carbon steel, alloy steel, stainless steel, glass, ceramics and the like. The method can be further used for manufacturing hard alloy wear-resistant parts, sealing parts, precise moulds, high-pressure nozzles and the like, and can improve the wear resistance and the toughness of the prepared hard alloys, prolong the service lives of the tools and increase the production efficiency.