PURPOSE: A method for manufacturing high carbon tool steel strip for cutting concrete, stone and wood at a high speed is provided to endow high carbon tool steel strip with high impact toughness and strength. CONSTITUTION: The method includes the steps of reheating a steel slab comprising C 0.6-0.9 wt.%, Si 0.1-0.5 wt.%, Mn 0.3-0.8 wt.%, S 0.005 wt.% or less, P 0.02 wt.% or less, Ni 0.5-1.5 wt.%, Cr 0.1-0.5 wt.%, Al 0.02-0.05 wt.%, N 0.005-0.015 wt.%, Ca 0.001-0.01 wt.%, a balance of Fe and other inevitable impurities at less than 1250°C for less than 250 minutes; hot rolling the steel slab; coiling it in the temperature range of 580-670°C followed by pickling; spheroidizing the hot coil between 650°C and A1 transformation temperature; cold rolling in a reduction ratio of less than 60%; soften-annealing between 600°C and A1 transformation temperature followed by skin-pass; converting cementite of the obtained cold coil into austenite at higher than A3 transformation temperature; oil-quenching the cold coil for converting austenite into martensite; and tempering.