The invention discloses a flux-cored wire for low alloy structure steel and a preparing method of the flux-cored wire. The flux-cored wire is composed of a flux core and stainless steel outer skin wrapping the outer side of the flux core; and raw materials of the flux core comprise chromium powder, silica powder, manganese powder, titanium powder, titanium boride powder, silicon nitride powder, magnesium aluminum alloy powder, titanium dioxide powder, iron oxide powder, indium oxide powder, cerium oxide powder, praseodymium oxide powder, carbonate, ferro-molybdenum powder, ferro vanadium powder, ferrozirconium powder and reduced iron powder. According to the flux-cored wire for the low alloy structure steel and the preparing method of the flux-cored wire, the flux-cored wire has the performances that splashing is small, molding is good, deslagging is easy, deposited metal texture is compact, air holes and cracks are avoided, bonding with parent metal is good, and performance is stable; deposited metal has the good hardness, low temperature toughness, abrasion resistance, corrosion resistance, creep resistance and the like, and the good economical benefits are achieved.