The invention provides an ultra-pure alloy which comprises the following chemical components in percentage by weight: 0.26-0.37 of C, less than or equal to 0.06 of Mn, less than or equal to 0.06 of Si, less than or equal to 0.006 of P, less than or equal to 0.003 of S, 1.4-2.4 of Cr, 3.0-4.5 of Ni, 0.15-0.8 of Mo, 0.05-0.25 of V, less than or equal to 0.12 of Cu, less than or equal to 0.006 of Al, less than or equal to 0.008 of Sn, less than or equal to 0.0017 of Sb, less than or equal to 0.008 of As, less than or equal to 35ppm of O, less than or equal to 1.0ppm of H, less than or equal to 80ppm of N and the balance of Fe and inevitable impurities. The invention also provides a method for manufacturing a turbine rotor forging by using the alloy. In the method, the obtained low-pressure rotor forging can bear the work environments with the temperature of above 400 DEG C and high stress for a long term through improvement of the existing electric furnace smelting and forging technology.