A floadting cable includes a conductor coated with the insulated sheath, an inner sheath and an outer sheath, wherein the inner sheath is made of the thermoplastic elastomer coated on the insulation sheath of the conductor; the outer sheath is made of the mixtures of the thermoplastic elastomer, the foaming agent and the lubricant, which are coated on the outside of the inner sheath in definite amounts by weight after being mixed to form the foaming layer, and foaming micropores are formed in the foaming layer. The cable has the advantages of floating on the water because the global density of the cable is smaller than 1, which is convenient to maintain; providing with excellent global density and the frequent bending tolerance; mixing the foaming agent into the outer sheath, wherein airtight foaming micropores are formed in the outer sheath to constitute the foaming layer in the extruding process; the foaming layer adopts the conventional extruding device in the cable industry to coat on the outside of the inner sheath, which not only leads the inner structure of the floating cable with simple structure, but also is convenient to process with high production efficiency, which is suitable for the industrialization volume production.