The invention relates to a method for machining crankshafts during which the machining of the bearing width and of the oil collar should be carried out simultaneously. To this end, a disk-shaped outer milling cutter having a number of cutting tools (10, 14) is used of which a portion serves to machine a bearing base of the crankshaft and the other portion serves to machine an oil collar adjacent to the bearing base. According to the invention, a set angle (κ) for the cutting tools for machining the oil collar is selected according to the actual dimension, during which the effective depth of cut hmax for each cutting insert is limited to a predeterminable maximum value. The invention also relates to a device for carrying out this method.