A method of manufacturing hybrid cable applicable in oil wells provides an FIMT, a conductor layer formed by continuous laser welding and cylindrically covered the outer surface of the FIMT, the outer cylindrical surface of the conductor layer being covered with a high temperature resistant insulating layer by a continuous extrusion method or by wrapped helically with insulating tapes around the outer surface of the conductor layer and the external steel tube cylindrically covered the outer surface of the insulating layer. The conductor layer is coaxial with the FIMT, the inner space of the hybrid cable to accommodating excess length of the optical fiber to allow for thermal expansions and tensile stress on the optical cable. The thickness of the insulating layer cylindrically covering the outer surface of the conductor layer is able to be increased, improving the insulating property.