In a method of making a poly-V grooved pulley from a circular flat plate of sheet metal of a predetermined thickness, the central portion of the parent flat plate is pressed to form a cup-shaped blank integral with a circular flat peripheral flange of the same thickness as that of the parent flat plate, the cup-shaped blank having a predetermined thickness thinner than that of the parent flat plate. The cup-shaped blank is pressed to form a hub wall, and the circular flat peripheral flange is drawn to form a cylindrical pulley flange wall. At the final stage, the cylindrical pulley flange wall is formed in its exterior periphery with a plurality of V-shaped grooves for a poly-V belt.