Provided is a manufacturing method for high-toughness and plasticity hypereutectoid rail, including: a. hot rolling the steel billet into rail; b. blowing a cooling medium to the top surface of railhead, wherein, the two sides of railhead and the lower jaws on the two sides of railhead after the center of top surface of rail is air-cooled to 800-850° C., and cooling the rail until the center temperature of the top surface is 520-550° C.; c. stop blowing the cooling medium to the lower jaws on the two sides of railhead, continue blowing the cooling medium to the top surface of railhead and the two sides of railhead, and air cool the rail to room temperature after the surface temperature of railhead is cooled to 430-480° C. The resulting hypereutectoid rail has higher toughness and plasticity than existing products, which is suitable for heavy-haul railway, especially for small radius curve sections.