The invention provides a method for utilizing base metal catalytic ink to manufacture a printed circuit. The method is characterized in that: the ink mainly is composed of 10% to 90% of functional materials, 2% to 18% of organic carriers and 8% to 72% of organic solvents, wherein the functional materials are formed by metal or / and metal oxide powder, the metal is one selected from the group of iron, nickel, aluminum, and zinc, or a mixture of at least two metals in random mixing proportion selected from the group of iron, nickel, aluminum, zinc, and copper, and a metal oxide is selected from ferrous oxide or / and cuprous oxide. According to the invention, traditional printing modes of screen printing, gravure printing and the like can be employed to manufacture lines on insulation base material, and then the insulation base material is put into a replacement reaction solution for a displacement reaction to form a conductor printed circuit. The method has the following advantages: (1) the ink does not contain precious metals of silver, gold and the like, and manufacture cost of related products is greatly reduced; (2) the method is simple; (3) the manufactured printed circuit is reliable, electric conductivity is good, and application is wide.