This invention discloses a multi-element low alloy abrasion-resisting cast steel, which is composed of C 0.20-0.45 wt.%, Mn 1.1-1.8 wt.%, Si 0.8-1.5 wt.%, Cr 0.3-1.2 wt.%, B 0.05-0.20 wt.%, Ti 0.08-0.30 wt.%, N 0.03-0.20 wt.%, Ca 0.05-0.15 wt.%, K 0.04-0.15 wt.%, and the rest is Fe and inavoidable impurities. The cast steel is manufactured by: (1) mixing scrapped steel, silicon iron, chromium iron and manganese iron, (2) carrying out carburization by using scrapped graphite electrode or pig iron, (3) melting to obtain liquid steel and adjusting the components until being qualified, (4) heating the liquid steel to 1620-1660 deg.C, (5) adding Si-Ca alloy, boron iron, titanium iron and nitrogen-containing chromium iron, and then pouring out of the furnace, (6) pulverizing Y-based rare earth magnesium alloy and potassium-containing substances to granules whose sizes are less than 15 mm, (7) drying at 130-180 deg.C, (8) placing at the bottom of the ladle, (9) carrying out modification treatment by pour-over process, and casting at 1480-1520 deg.C, (10) austenitizing at 830-1050 deg.C for 0.5-4 h, (11) rapidly cooling, (12) keeping the temperature at 150-300 deg.C, and (13) cooling in a furnace or in the air.