Provided are a phase change memory and a manufacturing method of the phase change memory. The manufacturing method of the phase change memory comprises the steps of (1) forming a semiconductor substrate, (2) forming a first dielectric layer on the semiconductor substrate, (3) carrying out imaging on the first dielectric layer, forming strip-shaped dielectric layers parallel to shallow trench isolation areas, forming an opening between the strip-shaped dielectric layers, wherein a portion of a gating diode is exposed through the opening, (3) coating the strip-shaped dielectric layers, the side wall of the opening and the bottom of the opening with a conducting layer, (4) carrying out imaging on the conducting layer, at least enabling the shallow trench isolation areas arranged below the conducting layer to be exposed from the rest of the conducting layer arranged at the bottom of the opening, also enabling deep trench isolation areas to be exposed from the rest of the conducting layer, (5) filling the opening with dielectric materials until the opening is completely filled, forming a second dielectric layer, (6) removing the dielectric layer on the strip-shaped dielectric layer through a planarization technology, enabling the conducting layer on the first dielectric layer, the conducting layer on the second dielectric layer and the conducting layer on the side wall of the opening to be flush with one another, and (7) forming a phase change material layer on the conducting layer on the side wall of the opening. According to the phase change memory and the manufacturing method of the phase change memory, the structure and the manufacturing process of the phase change memory can be simplified.