To provide a method for obtaining a sputtering target containing indium oxide at high production efficiency while maintaining high density.

In the manufacturing method, slurry is prepared by mixing water, organic binder and dispersant in raw powder of metal oxide containing indium oxide powder, and pulverizing the mixture, granulated powder is obtained by drying and spraying the slurry, the obtained granulated powder is compacted, and, by firing the obtained compact, the sputtering target is obtained. Acrylic acid-methacrylic acid copolymer ammonium neutralizer is used as the dispersant, and inexpensive polyvinyl alcohol can be used for organic binder.