With the rapid development of high quality industries, it is particularly important to study the sustainable competitiveness of manufacturing and its driving factors. The aim of this paper is to build the whole competitiveness index to analyze the recent development trends of manufacturing in G20 participating countries from 2008 to 2018. Meanwhile, based on the diamond theory, this paper adopted a panel regression model to conduct an empirical analysis on various factors that affect the sustainable competitiveness of manufacturing. These results showed the following: (1) Transport services have the most significant effect on manufacturing in developing countries. (2) Intellectual property only has a positive and significant effect on manufacturing in developed countries. (3) Information technology plays a significant role in all countries, but it is more effective in developed countries. Finally, this paper puts forward some suggestions for the sustainable development of manufacturing.