The invention provides a photoelectric composite cable for an oil well. The photoelectric composite cable comprises an optical unit, a conductive layer, a high-temperature resistant insulation layer and an external steel pipe, wherein the conductive layer wraps a surface of the optical unit and is formed by laser continuous welding, the high-temperature resistant insulation layer is formed outside the conductive layer by continuous extrusion, and the external steel pipe wraps the high-temperature resistant insulation layer. In the photoelectric composite cable, the optical unit and the conductive layer are of a coaxial structure, the space in the pipe of the photoelectric composite cable is effectively utilized, so that an optical fiber can have an enough space and the extra length of the optical fiber can be extended to be adaptive to thermal expansion extension of the optical cable or external tensile stress; and meanwhile, the thickness of the insulation layer outside the conductive layer can also be increased, and the insulativity of the conductive layer can be improved. The invention also provides a manufacturing method of the photoelectric composite cable.