The propeller shaft comprises a transmission shaft 10 consisting of a hollow metal tube 11 with excellent torque transmissibility and a composite material prepregs 12 having higher specific stiffness than a metal material and stacked to the inner surface of the metal tube, and metal yokes 40 mounted on both ends of the transmission shaft and assembled with other devices. The composite material prepregs is co-cure bonded while applying an axial compressive preload to the transmission shaft and creating a vacuum in a space between a vacuum bag inserted in the transmission shaft and the composite material prepregs of the transmission shaft. Teeth 43 or embossments 44, and adhesive-retaining grooves 45 are formed on inner surfaces of the metal yokes, so the transmission shaft is desirably compression-fitted into the metal yokes. Accordingly, the propeller shaft has advantages of securing improved impact, abrasion, and water resistance.