The invention relates to a martensite stainless steel oil sleeve and a manufacturing method thereof. The martensite stainless steel oil sleeve is prepared from, by weight, 0.15-0.22% of C, 0.1-1.0% ofSi, 0.1-1.0% of Mn, P with the weight percentage smaller than or equal to 0.02%, S with the weight percentage smaller than or equal to 0.01%, 11.0-13.5% of Cr, N with the weight percentage smaller than or equal to 0.02%, 0.03-0.1% of V, 0.01-0.04% of Al and the balance Fe and unavoidable impurities. The condition 1.90<=Cr:30(C+N)<=2.25 is met. According to thee method, by controlling the temperature and deformation amount of hot working of the last time and controlling the cooling speed, the energy of lattice distortion in the deformation process is reserved, so that the martensite phase change nuclear is increased, the crystalline grains after phase change are refined, and cooling slowing treatment is conducted between an Ms point and an Mf point, so that a part of austenite is reserved,and the toughness is improved; after cooling, through one-time short-time high-temperature tempering, the tempering efficiency is improved, through one-time low-temperature tempering, the high-toughness low-rigidity stainless steel oil sleeve is obtained, the thickness of an oxidation layer is obviously smaller than that of a quenching and tempering pipe, and the efficiency of removing the innersurface oxidation skin is improved; the impact toughness of the product is improved, the rigidity is lowered, and accordingly the corrosion resistance performance is improved.