The invention provides a magnetic fluid lubricating bearing and a manufacturing method thereof and belongs to the technical field of a rolling bearing. The bearing comprises an outer bearing ring, a first bearing shaft end cover (2), a second bearing shaft end cover (5), and a rolling body (3), wherein the first bearing shaft end cover (2) and the second bearing shaft end cover (5) are fixed in the outer bearing ring (1); the rolling body (3) is mounted between the first bearing shaft end cover and the second bearing shaft end cover; and magnetic fluid bumps (8) are further arranged in concave pit arrays on the inner surfaces of the first bearing shaft end cover (2) and the second bearing shaft end cover (5). Through adoption of the scheme, in structure, a space for mounting a permanent magnet in the traditional magnetic fluid bearing can be saved and the assembling of the magnetic fluid bearing can be simplified; and meanwhile, the design further expands the application field of the lubrication of magnetic fluid.