The invention relates to a method and an apparatus for manufacturing a shaped paperboard product. According to the invention, a paperboard blank is shaped by means of a shaping tool (2) comprising a female tool element (3) and a male tool element (4), of which tool elements one is moved relative to the other tool element, and a frame tool element (5) arranged in connection with the male tool element, and the brim of the paperboard product being formed is evened by means of the frame tool element in connection with shaping. The invention also relates to the use of the apparatus.