PURPOSE: To manufacture a multi-step V-pulley having no reduction in the plate thickness of a V-groove part with high material yield by forming an annular projecting part in V-shaped section by bulging at the intermediate part of the metal thin pipe in the specified length and subjecting both ends opening parts to expanding.

CONSTITUTION: The pipe 21 in the specified length having an outer diameter d1 is obtd. by cutting a metal thin blank. Bulging is then executed at the intermediate part in the axial direction of the pipe 21. The annular projecting part 23 in V-shaped section bulging to the external part in the radial direction is thus formed. This projecting part 23 is provided in the necessary number of steps. Thereafter, an expanded mouth part 27 is formed by expanding both ends opening parts in the axial direction of the pipe 21. A V-groove 25 is made by relatively faced one side slopes of the annular projecting part 23 adjoining with said expanding part 27. The outer diameter d2 at the bottom 30 of the V-groove 25 becomes really equal to the outer diameter d1 of said pipe 21. The reduction in the plate thickness of the V-groove 25 is thus eliminated and the multistep V-pulley capable of sufficiently resisting to the belt tension exerted thereon is obtd.