A sintered oil-impregnated bearing 20 used in a bearing device 30 is made by molding a mixture of a composite fine particles (main material) and a solid lubricant previously added to the main material in a proportion of about one weight percent to about three weight percent, wherein the main material comprises composite fine particles composed of iron powders having surfaces coated with copper, and the solid lubricant comprises fine particles made of an inorganic compound such as molybdenum disulfide and having surfaces coated with copper, sintering the mold at a temperature in a range of 650.degree. C. to 700.degree. C. to form a sintered body 20b, and impregnating the sintered body 20b with lubricant oil. Since the sintered body 20b itself has lubricity, the sintered oil-impregnated bearing is free from abrasion or seizure even if oil is used up.