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 cylindrical 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 0.12%, Si: 0.20% to 0.85%, Mn: 1.50% to 3.20%, P: 0.020% or less, S: 0.020% or less, Cu: 0% to 0.70%, Sn: 0.05% to 0.40%, Mg: 0.05% to 0.70%, a Ti oxide: 4.60% to 7.00% in terms of TiO 2 equivalent, a Si oxide: 0.20% to 0.90% in terms of SiO 2 equivalent, a Zr oxide: 0.10% to 0.70% in terms of ZrO 2 equivalent, Ni: 0% to 3.00%, Ti: 0% to 0.50%, B: 0% to 0.010%, Mo: 0% to 0.40%, W: 0% to 0.200%, Cr: 0% to 0.500%, Nb: 0% to 0.300%, V: 0% to 0.300%, N: 0% to 0.008%, Ca: 0% to 0.0050%, REM: 0% to 0.0050%, Sb: 0% to 0.005%, a Fe oxide: 0% to 2.50% in terms of FeO equivalent, a total of Al and an Al oxide: 0% to 0.60% in total in terms of Al equivalent, a total of Bi and a Bi oxide: 0% to 0.035% in total in terms of Bi equivalent, a Na compound and a K compound: 0.05% to 0.40% in terms of sum of Na 2 O equivalent and K 2 O equivalent, a fluorine compound: 0.02% to 0.25% in terms of F equivalent, 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 cylindrical 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 0.12%, Si: 0.20% to 0.85%, Mn: 1.50% to 3.20%, P: 0.020% or less, S: 0.020% or less, Cu: 0% to 0.70%, Sn: 0.05% to 0.40%, Mg: 0.05% to 0.70%, a Ti oxide: 4.60% to 7.00% in terms of TiO 2 equivalent, a Si oxide: 0.20% to 0.90% in terms of SiO 2 equivalent, a Zr oxide: 0.10% to 0.70% in terms of ZrO 2 equivalent, Ni: 0% to 3.00%, Ti: 0% to 0.50%, B: 0% to 0.010%, Mo: 0% to 0.40%, W: 0% to 0.200%, Cr: 0% to 0.500%, Nb: 0% to 0.300%, V: 0% to 0.300%, N: 0% to 0.008%, Ca: 0% to 0.0050%, REM: 0% to 0.0050%, Sb: 0% to 0.005%, a Fe oxide: 0% to 2.50% in terms of FeO equivalent, a total of Al and an Al oxide: 0% to 0.60% in total in terms of Al equivalent, a total of Bi and a Bi oxide: 0% to 0.035% in total in terms of Bi equivalent, a Na compound and a K compound: 0.05% to 0.40% in terms of sum of Na 2 O equivalent and K 2 O equivalent, a fluorine compound: 0.02% to 0.25% in terms of F equivalent, and a remainder: Fe and impurities, and C: 0.03% to 0.12%, Si: 0.20% to 0.85%, Mn: 1.50% to 3.20%, P: 0.020% or less, S: 0.020% or less, Cu: 0% to 0.70%, Sn: 0.05% to 0.40%, Mg: 0.05% to 0.70%, a Ti oxide: 4.60% to 7.00% in terms of TiO 2 equivalent, a Si oxide: 0.20% to 0.90% in terms of SiO 2 equivalent, a Zr oxide: 0.10% to 0.70% in terms of ZrO 2 equivalent, Ni: 0% to 3.00%, Ti: 0% to 0.50%, B: 0% to 0.010%, Mo: 0% to 0.40%, W: 0% to 0.200%, Cr: 0% to 0.500%, Nb: 0% to 0.300%, V: 0% to 0.300%, N: 0% to 0.008%, Ca: 0% to 0.0050%, REM: 0% to 0.0050%, Sb: 0% to 0.005%, a Fe oxide: 0% to 2.50% in terms of FeO equivalent, a total of Al and an Al oxide: 0% to 0.60% in total in terms of Al equivalent, a total of Bi and a Bi oxide: 0% to 0.035% in total in terms of Bi equivalent, a Na compound and a K compound: 0.05% to 0.40% in terms of sum of Na 2 O equivalent and K 2 O equivalent, a fluorine compound: 0.02% to 0.25% in terms of F equivalent, 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.