A method of manufacturing an annular material includes: a forging process of making a discoid forged material by forging an alloy material; and a ring rolling process of making an annular material by performing ring rolling on an annular intermediate made by forming a through-hole in the forged material. In the forging process, hot forging which achieves an absolute value εθ1 of a strain in a circumferential direction of the forged material that is greater than or equal to 0.3, an absolute value εh of a strain in a height direction of the forged material that is greater than or equal to 0.3, and a ratio εh/εθ1 between the absolute values of the strains that is in a range of 0.4 to 2.5 is performed at least two or more times.