A pneumatic tire manufacturing method is provided in which raw cover molding is suitably performed with no, or a minimal amount of, down-stitching in the manufacture of SOT-structure pneumatic tires; also provided is a pneumatic tire. This pneumatic tire manufacturing method involves: a step in which a sidewall, an inner liner, and a ply are bonded on a first molding drum, a pair of beads is set, and the tread side part is formed on the side wall, forming a first cover; a step in which a breaker and band are bonded on a second molding drum and the tread center part is formed on the band, shaping the tread ring; a step in which the first cover is inserted inside of the tread ring and the first cover is inflated, bonding the tread ring and the first cover with pressure; and a step in which the sidewall is folded back towards the lateral surface of the inflated first cover and bonded to the lateral surface of the first cover, and the tread side part and the tread center part are bonded together.