A stepping motor comprises a rotor assembly including a rotor shaft, a collar coaxially fixed to the rotor shaft, and a cylindrical permanent magnet block fixedly fitted on the collar, a yoke assembly including an inner yoke having a plurality of upper pole pieces arranged at regular angular intervals corresponding to an electrical angle of 2.pi. and a plurality of lower pole pieces arranged at regular angular intervals corresponding to an electrical angle of 2.pi., an upper outer yoke having pole pieces formed so as to extend between the upper pole pieces of the inner yoke, and a lower outer yoke having a plurality of pole pieces formed so as to extend between the lower pole pieces of the inner yoke, first and second driving coils received in a space defined by the inner yoke and the upper outer yoke and in a space defined by the inner yoke and the lower outer yoke, respectively, a base plate fixed to the upper end surface of the upper outer yoke, a flange fixed to the lower end surface of the lower outer yoke, and bearing bushes respectively provided in the central portions of the base plate and the flange to support the rotor shaft therein for rotation. The inner yoke is formed by bending the inner periphery of a single annular plate alternately in opposite directions to form the upper pole pieces and the lower pole pieces.