A method of cold-forging a crankshaft, wherein the first spherodizing annealing step of spherodizing a blank made of a carbon steel which is composed of 0.46-0.48 wt % of C (carbon), 0.14 or less of Si (silicon), 0.55-0.65 wt % of Mn (manganese), 0.015 wt % or less of P (phosphorus), 0.015 wt % or less of S (sulfur), 0.15 wt % or less of Cu (copper), 0.20 wt % or less of Ni (nickel), 0.35 wt % or less of Cr (chromium), and a remainder of Fe (iron) and impurities, the drawing step of drawing the blank at a predetermined sectional area reduction ratio after the first spherodizing annealing step, the second spherodizing annealing step of promoting the dispersion of an internal carbide of an increased spherodizing ratio after the drawing step thereby to produce a billet, continuously cold-forming the billet into a crankshaft, and thereafter aging the crankshaft.