A magnetization yoke having an exciting coil wound thereon is arranged to hold a magnetic member and a metal ring so that a magnetic flux passes through and magnetizes the magnetic member in the portion held by the magnetization yoke for successively magnetizing the magnetic member along the circumferential direction thereby multipolarly magnetizing the magnetic member in the circumferential direction. Thus, a magnetic encoder having large magnetization strength and a small magnetization pitch error, a wheel bearing employing the same and a method of manufacturing a magnetic encoder can be obtained.