The present invention provides a method to prepare a (Bi,Pb)SrCaCuO-2223 superconducting wire with improved critical current density at reduced cost. In general, the basic method according to the present invention comprises the steps of: (a) preparing a starting precursor powder with the oxygen content adjusted to the value of the final 2223 phase; (b) filling the starting powder into a metal sheath; (c) performing deformation processing on the metal sheath to form a composite wire and develop texture in the 2212 superconducting phases; (d) sealing said metal sheath so that a fixed oxygen content is maintained; (e) performing sintering to obtain the (Bi,Pb)SrCaCuO-2223 phase. The method uses metals other than a silver-based material in the sheath material, thus significantly reducing the materials cost of the (Bi,Pb)SrCaCuO-2223 superconducting wire.