In a method for manufacturing a camshaft for an internal combustion engine a metal tubular element is expanded within a mould with the aid of a fluid at high pressure fed into the tubular element and with a simultaneous axial compression of the tubular element. The cams of the camshaft are formed in subsequent steps, starting from intermediate cams and ending with end cams. In a first step of the method, the intermediate cams are formed in a first mould. In a subsequent step, the end cams are formed within auxiliary moulds which surround, only throughout a predetermined length, end portions of the tubular element which project from the mould which surrounds the already formed intermediate cams. In this subsequent step, the tubular element is compressed axially by axially displacing two clamp members, which grip and surround completely, throughout a predetermined length, the end portions of the tubular element which project outwardly from the auxiliary moulds.