A covered stent (100) includes a first wave ring (20) provided on at least one end of the covered stent (100), wherein the first wave ring (20) is formed of braided wires by means of braiding; each of the braided wires has wire heads (21) and a wire rod (22), with the wire heads (21) being located at two ends of the wire rod (22); and the wire heads (21) of the braided wire are wound around the adjacent wire rod (22); and the covered stent (100) further includes a limiting unit (40), with the limiting unit (40) being arranged on the wire head (21) and the wire rod (22) adjacent to the wire head (21), and the limiting unit (40) limiting the range of axial and/or radial movement of the wire head (21) relative to the wire rod (22).