Disclosed are a non-oriented electrical steel plate with low iron loss and high magnetic conductivity and a manufacturing process therefor. The casting blank of the steel plate comprises the following components: Si: 0.1-2.0 wt %, Al: 0.1-1.0 wt %, Mn: 0.10-1.0 wt %, C: ≦0.005 wt %, P: ≦0.2 wt %, S: ≦0.005 wt %, N: ≦0.005 wt %, the balance being Fe and unavoidable impurities. The magnetic conductivity of the steel plate meets the following relationship formula: μ10+μ13+μ15≧13982−586.5P15/50; μ10+μ13+μ15≧10000, wherein P15/50 is the iron loss at a magnetic induction intensity of 1.5 T at 50 Hz; μ10, μ13, and μ15 are relative magnetic conductivities at induction intensities of 1.0 T, 1.3 T, and 1.5 T at 50 Hz, respectively. The steel plate can be used for manufacturing highly effective and ultra-highly effective electric motors.