The invention discloses a nickel toughening high-chromium cast iron self-protection overlaying flux-cored wire. The flux-cored wire uses a low-carbon steel strip as a cover, and comprises the following flux-cored components in percentage by mass: 55-65% of high carbon ferrochrome, 16-24% of nickel powder, 0.5-1% of 60-mesh graphite, 1-2% of 200-mesh graphite, 1-5% of 60-mesh ferroboron, 1-3% of 200-mesh ferroboron, 1-2% of 60-mesh aluminum magnesium alloy, 1-2% of 200-mesh aluminum magnesium alloy, 1-2% of 60-mesh manganese powder, 1-3% of 200-mesh manganese powder, and the balance iron powder; and the flux-cored powder is 50-56% of the total weight of the flux-cored wire. The flux-cored components with different particle sizes are added to the flux-cored wire to guarantee excellent welding process performance, and a proper amount of Ni is added in the flux-cored components to urge increment of austenite number in an overlaying alloy high-chromium cast iron hypereutectic structure matrix; and meanwhile, the solid solution strengthening effect of the matrix is obvious, an overlaying alloy is effectively toughened, the crack resistance is greatly improved, the welding process performance is excellent, the cladding efficiency is high, and the multilayer welding needs no slag removal.