Provided is a method for producing chondrocytes from pluripotent stem cells, the method comprising the steps of: (i) culturing pluripotent stem cells under adherent conditions in a medium containing an HMG-CoA reductase inhibitor and one or more substances selected from the group consisting of BMP2, TGFβ and GDF5, and (ii) culturing the cells obtained in step (i) under suspension conditions in a medium containing an HMG-CoA reductase inhibitor and one or more substances selected from the group consisting of BMP2, TGFβ and GDF5. Also provided is a pharmaceutical product comprising chondrocytes obtained by the method.