The invention discloses a self-shielded flux-cored wire for generating a slag coating with special protective performance and a preparation method. The self-shielded flux-cored wire comprises a low-carbon steel strip and flux-cored powder, the flux-cored powder is filled into the low-carbon steel strip and comprises the following components including, by mass, 60%-80% of glass powder, 2%-8% of zirconium oxide powder, 0.05%-0.85% of graphene powder, 2%-8% of potassium sodium carbonate powder, 1%-3% of potassium titanate powder, 2%-5% of rutile powder, 1%-5% of emery powder, 1%-3% of sodium fluosilicate powder and the balance iron powder, and the flux-cored powder accounts for 13%-25% of the total weight of the welding wire. The self-shielded flux-cored wire and the preparation method have the advantages that the slag removal procedure is omitted, waste slag discharge is reduced, and the material utilization rate is increased, and the slag coating has special protection functions such asseawater corrosion prevention. According to the self-shielded flux-cored wire and the preparation method, traditional pursuit of improving the deslagging property is changed, the strong slag bondingwelding wire is developed for the first time, waste slag is changed into the protective coating, the molten slag is subjected to coating treatment, the function of the molten slag is expanded, and theone-time forming preparation technology of a base body / the coating is developed.