The invention discloses a corrosion proof impregnating varnish used for water-based metal components and a manufacturing method thereof. The corrosion proof impregnating varnish is made of de-ionized water, propanediol, dispersant, antifoaming agent, wetting agent, carbon black, iron oxide black, water borne acroid resin, water borne epoxy resin, dipropylene glycol butyl ether, propylene glycol ether and polyaniline water solution, polyaniline carrier particles or polyaniline emulsion. The manufacturing method comprises: the propanediol and the de-ionized water are mixed and stirred, and then added with the dispersant, the antifoaming agent, the wetting agent and the polyaniline water solution or the water solution of emulsion or carrier particles to be evenly mixed together; the carbon black and the iron oxide black are added in to the mixed solution to form uniform pigment paste which is then put into a blending tank after being ground to be evenly stirred; the obtained mixture is added with the water borne acroid resin, the water borne epoxy resin, the dipropylene glycol butyl ether and the propylene glycol ether to be stirred; finally, the stirred mixture is added with the de-ionized water to be diluted and ground. The invention has the advantages of high coating efficiency, stable coating quality, uniform paint film of dip coating, flat and smooth paint film, good hardness, strong adhesive attraction, good corrosion proof performance, excellent painting performance at edges and corners, no leaking painting, good salt mist resistance, environmental protection, low cost, etc.