The invention discloses a high-toughness wear-resistant flux-cored wire which consists of a flux core and stainless steel skin covering the flux core. The flux core comprises the following raw materials: graphite powder, silicon powder, magnesium powder, nickel powder, titanium powder, titanium dioxide powder, titanium boride powder, iron oxide powder, zirconium oxide powder, aluminum-strontium alloy powder, electrolytic manganese powder, ferromolybdenum powder, ferroniobium powder, ferrovanadium powder, rare earth ferroalloy powder, carbonate, metal fluoride, and the balance reduced iron powder and unavoidable impurities. The high-toughness wear-resistant flux-cored wire has the advantages that splashes are small, smoke is little, the forming is good, deslagging is easy, deposited metal is compact in structure, no pores or flaws appear, the high-toughness wear-resistant flux-cored wire is combined with parent metal well and is stable in performance, the deposited metal has good wear resistance, corrosion resistance and high toughness, and the high-toughness wear-resistant flux-cored wire has good economic benefits.