The present invention relates to a crankshaft milling cutter (1) having a disc-shaped main body (2) which is rotatable about an axis perpendicular to the disc plane and on the periphery of which there are provided recesses (3, 4, 5) for receiving indexable cutting inserts (6, 7, 8) for removing an allowance on the crankshaft blank, wherein at least some of the recesses (3, 4, 5) are open both in the radial direction and in at least one axial direction of the main body (2) and wherein a first group of said recesses (3, 4) is provided for receiving cutting inserts (6, 7) which are designed for removing the allowance on an oil collar adjoining a shaft journal. In order to provide a crankshaft milling cutter which is able to meet the increasing requirements with regard to dimensional and positional tolerances placed on a crankshaft milling cutter and at the same time reduces the time needed for fine adjustment of the crankshaft milling cutter, it is proposed according to the invention that only some of the first group of recesses (3) has devices (9) for setting the axial position of the indexable cutting insert (6) received in each case therein.