This disclosure relates to a see-through display device, including: a collimated light source assembly, configured to form collimated light and control a light emitting direction; a first light extraction layer, configured to extract, in a collimated manner, the light ray transmitted inside the light guide plate through a light extraction outlet; an extinction layer and a second light extraction layer, wherein the extinction layer includes a light guide region and a light absorption region which are arranged alternately, and the second light extraction layer includes multiple light extraction inlets; a reflecting layer, arranged on a side, close to the light guide plate, of the second light extraction layer and configured to reflect the collimated light extracted from the light extraction outlet to the light guide plate; and a liquid crystal dimming layer. This disclosure further relates to a manufacturing method of the see-through display device.