The present invention relates to a method of manufacturing paper or cardboard, wherein paper or board pulp is diluted with an aqueous composition, which is formed from colloidal-size particles of carbonate and bicarbonate, and other states of carbonate in an aqueous solution, so that the pH in the aqueous solution remains essentially at a value of 6.0-8.3 during the formation, and water is removed from the pulp by draining, pressing, and drying. The invention also relates to a method of manufacturing the aqueous composition used for this purpose.