A method for economically manufacturing an iron-boron-silicon alloy through simple steps, which comprises the steps of: adding a boron raw material and a carbonaceous reducing agent to a molten iron received in a vessel; blowing oxygen gas into the molten iron to reduce the boron raw material in the molten iron by means of the carbonaceous reducing agent to prepare a boron-containing molten iron; continuing the blowing of oxygen gas to decarburize the boron-containing molten iron until the carbon content in the boron-containing molten iron decreases to up to 0.2 wt. %; and adding at least one of silicon and ferrosilicon to the boron-containing molten iron while stirring the boron-containing molten iron, thereby manufacturing an iron-boron-silicon alloy.