A method and an apparatus for manufacturing a non-fired iron-bearing pellet, which comprise:supplying a green iron-bearing pellet containing a hydraulic binder and water into a treating furnace provided with a green iron-bearing pellet inlet at an end thereof and a non-fired iron-bearing pellet outlet at the other end thereof and having at least one heating gas blowing port and at least one heating gas discharge port, blowing through said blowing port into said treating furnace a gas containing a saturated steam at a temperature substantially equal to the heating target temperature of the green pellets, replenishing the heat of said gas lost through heat exchange with said green pellet with the condensation heat produced from condensation of at least part of the steam contained in said gas through heat exchange with said green pellets, and holding said green pellets at said target temperature for a prescribed period of time to harden said green pellets, thereby continuously manufacturing a non-fired iron-bearing pellets. The green iron-bearing pellets introduced into the furnace are first pretreated by contact with the gas which had been used to heat the already preheated pellets.