Provided is a sintered bearing that is capable of reducing cost through reduction in usage amount of copper, excellent in initial running-in characteristics and quietness, and is high in durability. Raw material powders including iron powder, flat copper powder, low-melting point metal powder, and graphite are loaded into a mold, and a green compact is formed under a state in which the flat copper powder is caused to adhere onto a molding surface. Subsequently, sintering is carried out without causing iron in the green compact to react with carbon so that an iron structure is formed of a ferrite phase. In this manner, a sintered bearing (1) including a base part (S2) including copper at a uniform content, and a surface layer (S1) covering a surface of the base part (S2) and including copper at a larger content than the base part (S2) can be obtained.