A wire rope has an independent wire rope core including lubricated individual core wires that are encapsulated in a tubular sheath of elastomeric or polymeric material surrounding the core wires and retaining the lubricant. A plurality of strands are located radially outwardly from and adjacent to the core. Each of the strands include strand wires that are lubricated. The strand wires are encapsulated in a tubular sheath of elastomeric or polymeric material that retain the lubrication for the strand wires. The core and strand encapsulating materials prevent direct metal-to-metal contact between core wires and strand wires, and between strand wires of adjacent strands. The core and strand encapsulating materials are applied in a manner so as to avoid loss of lubricant. Retaining lubrication and preventing direct metal-to-metal contact significantly improves the useful life of the wire rope.