Method and apparatus for producing a thin walled tubular product with thickened flange. A first stage metalworking (drawing) of a circular plate material A is done by using a first die set 22 having a conical die 24 and a drawing punch 26 is done in a manner that the end of the blank plate is remained on the conical surface 24-1 of the die, so that a semi-finished tubular product A1 with a inclined flange A1-1 is obtained. Then, a second stage metalworking (drawing) of the semi-finished tubular product A1 is done by a second die set 32 having a shaping punch 34 and a restraint die 36. The semi-finished tubular product A1 is held by the restraint die 36 and the shaping punch 34 is introduced into the semi-finished tubular product A1 for effecting a wall thickness reduction under ironing principle while forming a stepped portion. Simultaneous with the execution of the second stage drawing, a flattening of the flange is done while restriction diameter expansion by a wall 40, thereby obtaining a thickened flattened flange A2-3.