To provide a calendar mechanism wherein the building-in property of a second date indicator is improved, and an analog timepiece equipped therewith. A calendar mechanism of an analog timepiece includes a first date indicator which includes a first date character indication portion, a first date indicator gear portion, and an endless ring-shaped drive cam portion; a drive cam lever which includes an operating lever portion including a first fan-shaped gear portion, wherein a driven lever portion is spring loaded in order to become a cam follower, and the operating lever portion is pivoted in accordance with the driven lever portion abutting against the drive cam portion; a second date indicator which, being rotatable, includes a second date character indication portion and a second fan-shaped gear portion meshing with the first fan-shaped gear portion; and a positioning/locking portion. In a case in which the tens column of the date is 0, one portion of the drive cam lever abuts against the positioning/locking portion, causing the cam follower of the driven lever portion to remain in a condition out of contact with an invalid cam face portion of the cam face of the drive cam portion.