In the process of cutting the outer circumference 10o of a hollow rotating shaft 10 by using a finishing turning tool 36, the position of the finishing turning tool 36 is adjusted in the direction orthogonal to the virtual reference shaft center VS so that the center position CPo of the outer circumference 10o of the hollow rotating shaft 10 is deviated from the virtual reference shaft center VS in the same direction as the direction of the deviation vector ΔDi by an amount corresponding to the magnitude |ΔDi| of the deviation vector ΔDi. This can reduce the unbalance to zero also in the middle of the shaft and sufficiently reduce runout of the hollow rotating shaft 10 even if the rotation speed of the hollow rotating shaft 10 increases. Accordingly, it is possible to further improve the reliability of the hollow rotating shaft 10 at high rotation speed.