The method for manufacturing a martensitic stainless pipe includes heating the steel pipe until the external surface temperature thereof reaches a predetermined temperature not lower than A3 transformation point+20° C. and not higher than 980° C. The heated steel pipe is first water cooled until the external surface temperature thereof reaches a predetermined temperature not lower than 350° C. The water cooled steel pipe is air cooled until the external surface temperature thereof reaches a predetermined temperature not higher than 250° C. The air cooled steel pipe is either water or air cooled until the external surface temperature thereof reaches normal temperature. The cooling rate of the steel pipe in the first cooling step is determined according to the wall thickness of the steel pipe so that the amount of heat recuperation for the external surface temperature of the steel pipe in the second cooling step is not higher than 50° C.