The invention provides a novel process for a formula of a slag-free flux-cored wire, and relates to a welding material. The manufacturing method adds the combination of molybdenum powder, nickel powder and rare earth silicon to a formula of raw materials, eliminates mineral powder in a common formula, and optimizes the proportion of various types of metal powder in the formula. According to the formula, the welding material comprises the following components: 4 to 8 parts of micro carbon ferrochromium, 12 to 18 parts of low carbon ferromanganese, 56 to 67 parts of iron powder, 2 to 6 parts of molybdenum powder, 0.1 to 0.4 part of ferroboron, 2 to 5 parts of rare earth silicon, 1 to 3 parts of ferrosilicon, 2 to 3 parts of ferrotitanium, 2 to 3 parts of sodium fluoride, 3 to 7 parts of ferroaluminum, 1 to 3 parts of aluminum to magnesium powder and 4 to 8 parts of nickel powder. The invention improves the toughness, strength and anti-fatigue performance of welding seams and thins welding-seam grains by adding the combination of molybdenum powder, nickel powder and rare earth silicon into the raw materials of the formula, eliminating the mineral powder in the common formula, and optimizing the proportion of various types of metal powder in the formula. Meanwhile, slagging on the surfaces of the welding seams is avoided, and welding efficiency is raised by 20 percent compared with slag-type processes.