The invention discloses an interconnecting wire with graphene serving as a metallization layer and a diffusion barrier layer. A grapheme layer and a copper-graphene complex phase conducting layer are sequentially arranged on an insulating substrate from top to bottom. A manufacturing method of the interconnecting wire comprises the steps that the grapheme is transferred onto the cleaned insulating substrate, the graphene is patterned with a photoetching method, and the copper-graphene complex phase conducting layer is formed on the graphene in an electroplated mode in electroplating liquid containing graphene nanosheets with an electroplating method. According to the interconnecting wire, the graphene serves as the diffusion barrier layer of the conducting layer, so that the thickness of the diffusion barrier layer is reduced, and miniaturization of a device is facilitated; besides, the surface roughness of the conducting layer can be reduced, the conductivity of the conducting layer is improved, and the interconnecting wire has excellent corrosion resistance. The graphene serves as not only the metallization layer but also the diffusion barrier layer of the conducting layer, so that the manufacturing process is simplified.