The present invention provides a rocker arm manufacturing method capable of stably forming valve stem guide walls. In the method according to the present invention, an intermediate product 13 having both side walls 20 extended in a predetermined direction and arranged in parallel with each other and a one end side connection wall 30 connecting lower ends of both the side walls 20 at a longitudinal one end of the product is obtained. Next, a first pressing punch 70 is pressed against the outer surface portions of both the side walls 20 from the outside thereof to cause downward plastic flows of regions of the outer surface portions of both the side walls positioned below the cutout portions 31 to thereby form raising walls 32 in a downwardly protruded manner at both sides of the one end side connection wall 30. Thereafter, valve stem guide walls 35 are formed by pressing second pressing punches 80 against both the raising walls 32 of the one end side connection wall 30.