A method of manufacturing a flux-cored wire in which an inside of a steel sheath is filled with a flux, the method comprising: filling an inside of a steel sheet with the flux while forming the steel sheet into a round shape; joining both ends of the steel sheet to form a steel pipe; and rolling and annealing the steel pipe to obtain the flux-cored wire, wherein a chemical composition of the flux-cored wire includes, by mass% with respect to a total mass of the flux-cored wire, C: 0.03% to 0.10%, Si: 0.40% to 0.85%, Mn: 1.5% to 3.5%, P: 0.020% or less, S: 0.020% or less, Cu: 0.03% to 0.70%, Sn: 0.05% to 0.30%, Mg: 0.05% to 0.50%, Al: 0.05% to 0.50%, a Ti oxide: 1.50% to less than 4.60% in terms of TiO 2 equivalent, a Si oxide: 0.30% to 1.00% in terms of SiO 2 equivalent, a Zr oxide: 0.10% to 0.50% in terms of Z r O 2 equivalent, a Fe oxide: 0.10% to 1.00% in terms of FeO equivalent, an Al oxide: 0.05% to 0.50% in terms of Al 2 O 3 equivalent, a total of a Na compound and a K compound: 0.050% to 0.200% in terms of sum of a Na 2 O equivalent and a K 2 O equivalent, a fluorine compound: 0.02% to 0.20% in terms of F equivalent, a total of Bi and a Bi oxide: 0% to 0.035% in terms of Bi equivalent, Ni: 0% to 2.50%, Ti: 0% to 0.30%, B: 0% to 0.010%, Mo: 0% to 0.400%, W: 0% to 0.200%, Cr: 0% to 0.500%, Nb: 0% to 0.300%, V: 0% to 0.300%, N: 0% to 0.0080%, Ca: 0% to 0.0050%, REM: 0% to 0.0050%, Sb: 0% to 0.0050%, and a remainder: Fe and impurities, and a Sn content, a Sb content, a W content, and a Mo content satisfy Expression 1: Sn + Sb > Mo + W each element symbol in Expression 1 represents an amount of an element related to the element symbol by mass% with respect to the total mass of the flux-cored wire. filling an inside of a steel sheet with the flux while forming the steel sheet into a round shape; joining both ends of the steel sheet to form a steel pipe; and rolling and annealing the steel pipe to obtain the flux-cored wire, wherein a chemical composition of the flux-cored wire includes, by mass% with respect to a total mass of the flux-cored wire, C: 0.03% to 0.10%, Si: 0.40% to 0.85%, Mn: 1.5% to 3.5%, P: 0.020% or less, S: 0.020% or less, Cu: 0.03% to 0.70%, Sn: 0.05% to 0.30%, Mg: 0.05% to 0.50%, Al: 0.05% to 0.50%, a Ti oxide: 1.50% to less than 4.60% in terms of TiO 2 equivalent, a Si oxide: 0.30% to 1.00% in terms of SiO 2 equivalent, a Zr oxide: 0.10% to 0.50% in terms of Z r O 2 equivalent, a Fe oxide: 0.10% to 1.00% in terms of FeO equivalent, an Al oxide: 0.05% to 0.50% in terms of Al 2 O 3 equivalent, a total of a Na compound and a K compound: 0.050% to 0.200% in terms of sum of a Na 2 O equivalent and a K 2 O equivalent, a fluorine compound: 0.02% to 0.20% in terms of F equivalent, a total of Bi and a Bi oxide: 0% to 0.035% in terms of Bi equivalent, Ni: 0% to 2.50%, Ti: 0% to 0.30%, B: 0% to 0.010%, Mo: 0% to 0.400%, W: 0% to 0.200%, Cr: 0% to 0.500%, Nb: 0% to 0.300%, V: 0% to 0.300%, N: 0% to 0.0080%, Ca: 0% to 0.0050%, REM: 0% to 0.0050%, Sb: 0% to 0.0050%, and a remainder: Fe and impurities, and C: 0.03% to 0.10%, Si: 0.40% to 0.85%, Mn: 1.5% to 3.5%, P: 0.020% or less, S: 0.020% or less, Cu: 0.03% to 0.70%, Sn: 0.05% to 0.30%, Mg: 0.05% to 0.50%, Al: 0.05% to 0.50%, a Ti oxide: 1.50% to less than 4.60% in terms of TiO 2 equivalent, a Si oxide: 0.30% to 1.00% in terms of SiO 2 equivalent, a Zr oxide: 0.10% to 0.50% in terms of Z r O 2 equivalent, a Fe oxide: 0.10% to 1.00% in terms of FeO equivalent, an Al oxide: 0.05% to 0.50% in terms of Al 2 O 3 equivalent, a total of a Na compound and a K compound: 0.050% to 0.200% in terms of sum of a Na 2 O equivalent and a K 2 O equivalent, a fluorine compound: 0.02% to 0.20% in terms of F equivalent, a total of Bi and a Bi oxide: 0% to 0.035% in terms of Bi equivalent, Ni: 0% to 2.50%, Ti: 0% to 0.30%, B: 0% to 0.010%, Mo: 0% to 0.400%, W: 0% to 0.200%, Cr: 0% to 0.500%, Nb: 0% to 0.300%, V: 0% to 0.300%, N: 0% to 0.0080%, Ca: 0% to 0.0050%, REM: 0% to 0.0050%, Sb: 0% to 0.0050%, and a remainder: Fe and impurities, and a Sn content, a Sb content, a W content, and a Mo content satisfy Expression 1: Sn + Sb > Mo + W each element symbol in Expression 1 represents an amount of an element related to the element symbol by mass% with respect to the total mass of the flux-cored wire.