An annular article-wrapping member includes a shrinkable wrapping material which is wound on the outer periphery of an annular article to be wrapped in such a manner that the direction of shrinkage of the shrinkable wrapping material coincides with a circumferential direction of the outer periphery of the annular article. The overlapped portions of the wrapping material subsequently are joined together. The shrinkable wrapping material is heated to be shrunk to provide an intermediate wrapping member having sleeve openings having a diameter smaller than an inner diameter of the annular article. Sleeve forming portions of the intermediate wrapping member together in a ring-shape along an inner periphery of the annular article. The portion of the shrinkable wrapping material disposed inwardly of the joined portion is removed by cutting, thereby obtaining the annular article-wrapping member.