The invention provides a structural plywood for a wood structure building and a manufacturing method thereof. The structural plywood consists of 3 to 9 layers of log rotary cut veneers which are assembled according to odd layers and then subjected to gluing and hot pressing; a surface board and a back board of the plywood consist of one to two layers of veneers with the thickness of between 1 and 3.0 millimeters, and the moisture content of the veneers is between 6 and 12 percent; the thickness of a core layer veneer positioned between the surface board and the back board is between 3.0 and 8.0 millimeters, and the moisture content is between 2 and 12 percent; and the thickness and the moisture content of the veneers are based on the veneers before hot pressing, and the hot pressing shrinkage ratio of the plywood is smaller than 30 percent. The plywood is formed by gluing and hot pressing thick veneers, in particular formed by compounding artificial forest lumber with lower and middle densities, has the characteristics of small density and light weight at the same time of improving performance, reduces use amount of an adhesive, and is particularly suitable for light wood structure buildings.