A process for manufacturing a rolling contact member comprises preparing a steel member consisting of a steel containing 0.7 mass % or more of carbon; performing hot forging of the steel member prepared in the steel member preparation step to thereby obtain a blank ring as the first forged member; performing turning of the blank ring obtained in the hot forging step to thereby remove part of the blank ring; and performing cold forging of the blank ring wrought in the first turning step to thereby obtain a stepped ring. In the steps subsequent to the cold forging step, on the stepped ring, the area wrought in the first turning step is not subjected to cutting.