The invention relates to an aluminum-magnesium alloy for rivets. The alloy comprises, by mass: Si: 0.01-0.05%, Fe: 0.08-0.15%, Mn: 0.08-0.16%; Mg: 2.2-2.8%, Cr: 0.08-0.16%, V: 0.003-0.020%, Ti: 0.008-0.03%, Be 0.00005-0.0002%, and the balance Al. The invention also provides a manufacturing method of an aluminum-magnesium alloy wire for rivets. The method comprises the following steps: (1) smelting; (2) casting; (3) rolling; (4) drawing and intermediate annealing: non-finished product drawing and finished product drawing are included. Specifically, during non-finished product drawing, intermediate annealing is needed every time the section compressibility of the material deforms at 40%-60%, and then drawing is carried out; during the finished product drawing, the aluminum-magnesium alloy wire for rivets is obtained when the section compression rate of the material is 10%-30%. The intermediate annealing comprises the following steps that the drawn wire is heated to 100-150 DEG C and theheat is preserved for 4-5 hours; and the temperature is then increased to 320-380 DEG C at a rate of 50-100 DEG C/h, held for 0.5-1 hour, and then cooled to room temperature.