The present disclosure provides a method of manufacturing a buried bit line structure and a buried bit line structure. The method of manufacturing a buried bit line structure includes: providing an initial structure, the initial structure including active region structures; forming an initial bit line trench, the initial bit line trench exposing the active region structure; forming a conductive structure, the conductive structure being located at the bottom of the initial bit line trench; forming a bit line contact structure, the bit line contact structure covering the conductive structure, and a top surface of the bit line contact structure being lower than a top surface of the active region structure; and forming an insulation structure, the insulation structure covering the bit line contact structure.