PURPOSE: To provide a ferrous sintered member having excellent self-lubricity by dispersing iron oxide and free graphite into a base structure consisting of ferrite and pearlite.

CONSTITUTION: This ferrous sintered member consists of the iron oxide and free graphite dispersed into the base structure consisting of ferrite and pearlite. Said base structure is provided with the hardness and toughness rendered by the ferrite and pearlite. The iron oxide is formed in the pore part of the base structure by subjecting the sintered body to a steam treatment, by which the excellent resistance to cohesion is provided. Since oil wells are made by sealing the pores of the base structure, the member has excellent retentivity of lubricating oil. The free graphite formed and precipitated by being dispersed in the base structure has excellent self-lubricity as a solid lubricating agent. The excellent self-lubricity is thus provided to the above-described sintered alloy by the combination of the lubricating effect of the solid lubricating agent and the retentivity of the lubricating oil.