To provide a calendar mechanism which can easily and reliably cause first and second date indicators to coincide in rotation phase, and an analog timepiece equipped therewith. A calendar mechanism of an analog timepiece includes a first date indicator including a first date character indication portion which indicates the ones column of the date, a first date indicator gear portion, and a drive cam portion which defines an endless ring-shaped cam face; a drive cam lever which includes a driven lever portion whose one end portion abuts against the drive cam portion, and an operating lever portion which includes a first fan-shaped gear portion at the leading end portion, the operating lever portion being pivoted in accordance with the driven lever portion; and a second date indicator which, being rotatable, includes a second date character indication portion which indicates the tens column of the date, and a second fan-shaped gear portion meshing with the first fan-shaped gear portion. The first fan-shaped gear portion and second fan-shaped gear portion have specified teeth which are brought into selective meshing engagement in a condition in which the first date indicator and second date indicator coincide in rotation phase.