The present application relates to the technical field of die steel, and particularly discloses a hot working die steel with high thermal strength and high toughness and a manufacturing process thereof. The hot working die steel with high thermal strength and high toughness includes the following components in percentage by mass: 0.20-0.40% of carbon, 0.05-0.20% of silicon, 0.30-0.60% of manganese, 1.00-4.00% of chromium, 0.50-1.50% of molybdenum, 0.20-0.60% of vanadium, 0.60-1.00% of cobalt, 0.06-0.16% of titanium, 0.03-0.08% of yttrium, 0.03-0.08% of niobium, 0.005-0.012% of phosphorus, 0.003-0.008% of sulfur, and a balance of iron and inevitable impurities.