A method and an apparatus for manufacturing a stepped member are provided. An intermediate portion of a shaft workpiece is radially enlarged while being compressed in an axial direction by applying alternating load to the intermediate portion in a direction intersecting the axial direction in a state in which pressure that compresses the shaft workpiece in the axial direction is applied to both ends of the shaft workpiece. The enlarged intermediate portion of the shaft workpiece is cat in a direction perpendicular to the axial direction so that the shaft workpiece is divided into two stepped members. Each of the stepped members has a shaft portion and a head portion provided at an axial end of the shaft portion, and the head portion has a larger diameter than the shaft portion.