A balloon catheter having a multilayered shaft with variable flexibility along the length of the shaft. In a presently preferred embodiment, the multilayered shaft has a multilayered outer tubular member and an inner tubular member, both the inner and outer tubular members having sections along which the flexibility and/or diameter of the tubular members decrease. These diameter and flexibility transition sections along the outer tubular member are preferably aligned with transitions along the inner tubular member, to provide improved catheter performance.