The present invention relates to a method for manufacturing a sintered bearing having a bearing surface that forms a bearing gap with a shaft to be supported, in its inner periphery. This manufacturing method includes: a compacting step P2 of compacting a base powder containing a diffusion alloyed powder 11 prepared by partially diffusing a copper powder in an iron powder as a main material, a low-melting-point metal powder 14, and a solid lubricant to obtain a green compact, and a sintering step P3 of sintering the green compact 4′ to obtain a sintered compact 4″.