This paper takes the number of global cross-border M&A transactions in manufacturing industry from 1997 to 2019 as a sample to explore the characteristics of the evolution of cross-border M&A network space in manufacturing industry before and after the financial crisis in 2008 and the differences of its influencing factors. Several conclusions are drawn as follows: 1) The degree of network aggregation of cross-border M&A in manufacturing industry decreases slightly, but the scale, strength and density of network connections all show an increasing trend; 2) The focus of cross-border M&A network in manufacturing industry has shifted from the economies dominated by Europe and the United States to the Asia Pacific region; 3) The driving factors include the motivation of resource targets such as economy, technology, natural resources and labor distance, which have a negative impact on the formation of cross-border M&A links in the manufacturing industry. The pull factor has different effects on the formation of cross-border M&A network of manufacturing industry before and after the financial crisis. Geographical distance has a negative impact on it. The institutional distance has changed from a positive impact before 2008 to no impact, while the exchange rate and education distance have changed from a negative impact before 2008 to a positive and negative impact respectively.