A sintered oil-impregnated bearing consisting of: 15 to 30% by mass of Cu; 1 to 4% by mass of C; optionally at least one of Sn or Zn in an amount of not larger than 4% by mass; and a remainder consisting of Fe and inevitable impurities, wherein a metal structure with copper being melted therein is provided at least on a bearing surface, pearlite or a pearlite with ferrite being partially scattered therein, and a copper-rich phase and a free graphite are all provided in a matrix, wherein the copper-rich phase is dispersed and distributed in the matrix at an area ratio of 7 to 25%, and the free graphite is dispersed and distributed in the matrix at an area ratio of 5 to 25%, the area ratios of the copper-rich phase and the free graphite being determined as described in the sections "Calculation of area ratio of copper-rich phase" and "Measurement of area ratio of free graphite" of the description, and wherein, as the copper powder, an electrolytic copper powder and/or an atomized copper powder having an average particle size of 50 to 100 μm and at least one of a crystalline graphite powder and a flake graphite powder having an average particle size of 20 to 100 μm is used, and performing sintering at 1085 to 1105°C, the copper rich phase provided in the mesh-like manner is formed, part of the graphite will react with an iron powder so that pearlite or the pearlite with ferrite being partially scattered therein will be formed, thus making it possible to suppress cementite precipitation, the average particle sizes of the copper powder and the graphite powder being calculated from particle size distribution measurement values obtained by a laser diffraction method. 15 to 30% by mass of Cu; 1 to 4% by mass of C; optionally at least one of Sn or Zn in an amount of not larger than 4% by mass; and a remainder consisting of Fe and inevitable impurities, wherein a metal structure with copper being melted therein is provided at least on a bearing surface, pearlite or a pearlite with ferrite being partially scattered therein, and a copper-rich phase and a free graphite are all provided in a matrix, wherein the copper-rich phase is dispersed and distributed in the matrix at an area ratio of 7 to 25%, and the free graphite is dispersed and distributed in the matrix at an area ratio of 5 to 25%, the area ratios of the copper-rich phase and the free graphite being determined as described in the sections "Calculation of area ratio of copper-rich phase" and "Measurement of area ratio of free graphite" of the description, and wherein, as the copper powder, an electrolytic copper powder and/or an atomized copper powder having an average particle size of 50 to 100 μm and at least one of a crystalline graphite powder and a flake graphite powder having an average particle size of 20 to 100 μm is used, and performing sintering at 1085 to 1105°C, the copper rich phase provided in the mesh-like manner is formed, part of the graphite will react with an iron powder so that pearlite or the pearlite with ferrite being partially scattered therein will be formed, thus making it possible to suppress cementite precipitation, the average particle sizes of the copper powder and the graphite powder being calculated from particle size distribution measurement values obtained by a laser diffraction method.