A bone morphogenetic protein-2 active peptide is characterized in that the structure is S[PO4]KIPKASSVPTELSAISTLYLDDD (SEQ ID NO: 1) or CCCCDDDS[PO4]KIPKASSVPTELSAISTLYL (SEQ ID NO: 2) or C16H31O—NH—CCCCGGGS[PO4]KIPKASSVPTELSAISTLYL (SEQ ID NO: 3). It overcomes the disadvantages of existing BMP-2, such as short half life, difficulty of sustained effect, complexity of equipments and preparation techniques, long production cycle, low yield, expensive price, and is accordingly difficult for large-scale production. In addition, the bone morphogenetic protein-2 active peptide exhibits the advantages, such as complete exposure of active sites, good ectopic osteogenesis ability, easy large-scale synthesis, lower cost, better stability and long duration. Meanwhile, the present invention also relates to the manufacturing method and application of such bone morphogenetic protein-2 active peptide.