In order to obtain a Bi--Sr--Ca--Cu--O or Bi--Pb--Sr--Ca--Cu--O oxide superconducting wire, raw material powder is pulverized to remove particles of non-superconducting phases having large particle sizes based on difference in particle size, and thereafter the raw material powder is covered with a sheath of silver or silver alloy, so that the sheath is subjected to plastic working and the raw material powder covered with the sheath is sintered.