The invention discloses a self-protection flux-cored wire capable of generating slag coating with special protection performance and a preparing method. The self-protection flux-cored wire comprises alow-carbon steel belt and core powder. The low-carbon steel belt is filled with the core powder. The core powder comprises, by mass, 60-80% of glass powder, 2-8% of zirconium oxide powder, 0.05-0.85%of graphene powder, 2-8% of sodium potassium carbonate powder, 1-3% of potassium titanate powder, 2-5% of rutile powder, 1-5% of corundum powder, 1-3% of sodium fluosilicate powder and the balance iron powder, wherein the core powder accounts for 13-25% of the total weight of the flux-cored wire. The self-protection flux-cored wire has the advantages of omitting the slag removal process, reducingslag discharge, and increasing the material utilization rate, and the slag coating has special protection functions of preventing seawater corrosion and the like. The traditional pursuit of improvement of slag detachability is changed, the strong 'bonded slag' welding wire is developed for the first time, the slag is turned into the protection coating, slag is turned into coating, the slag function is expanded, and the base body/coating integral forming preparation technology is developed.