A method of peeling off a coating of an elliptical cross sectional insulated conductive wire has a groove forming process of forming a groove nearly perpendicular to a longitudinal direction of the insulated conductive wire at given positions within a peeling region thereof, a first peeling process of peeling off the coating by moving a pair of first cutting edges in a longitudinal direction of the insulated conductive wire and perpendicularly to a longer diameter direction of the cross section thereof toward the groove from opposite ends of the peeling region, and a second peeling process of peeling off the coating at the peeling region by moving a pair of second cutting edges in a direction perpendicular to the longitudinal direction and in parallel with the longer diameter direction of the cross section thereof. As a result, the coating all around the outer circumference of the insulated conductive wire at the peeling region may be completely peeled off.