A method of manufacturing a poly-V-grooved pulley capable of manufacturing a poly-V-grooved pulley to be put on and joined to a shaft via a one-way clutch and a bearing with a minimum steps and at a low cost, comprising the steps of forming a cylindrical body (1) by forging, forming outwardly-extending first and second lobes (2, 3) at the axial both ends on the outer circumferential surface of the body (1) and then forming by form rolling poly-V-grooves (4) between the first and second lobes (2, 3) on the outer cicumferential surface of the body (1).