Disclosed therein are an apparatus and method for manufacturing a sprocket segment, which can manufacture the sprocket segment through a simplified process including hot precision forging, through hardening and painting, thereby reducing manufacturing period and cost and securing competitive power. The sprocket segment manufacturing method includes: a primary hot forging process of putting a heated billet in a booster die 10 mounted on a forging press to perform a distribution of volume; a secondary hot forging process of putting the hot forged material M in a blocker die 11 to form a rib face 4; a tertiary hot forging process of putting the secondarily hot forged material M in a finisher die 12 to keep right angles and planes of a toothed face 6 and the rib face 4; and a process of putting the tertiarily hot forged material M in a product guide die 22 of a trimming-piercing-coining die 13 to eliminate a flash and form bolt holes 7 simultaneously.