In a method of preparing a bismuth oxide superconducting wire comprising the steps of filling raw material powder into a metal sheath, working the same into a wire by performing deformation processing in this state, and heat treating the wire, the raw material powder is heat treated before the step of working the raw material powder into a wire by performing deformation processing, so that the ratio of a 2212 phase, containing Bi or (Bi,Pb), Sr, Ca and Cu in composition ratios of about 2:2:1:2, to a 2223 phase, containing Bi or (Bi,Pb), Sr, Ca and Cu in composition ratios of about 2:2:2:3, is 75 to 90:10 to 25, in order to prepare a wire which is excellent in critical current density as well as in critical current.