Provided is a method of manufacturing a hollow power transmission shaft, which makes it possible to ensure stable quality even when there is a difference in wall thickness or hardening ratio along an axial direction thereof. A hollow shaft material (1') is provided with, on an outer peripheral surface (1g) side thereof, for example, a movable induction heating coil (5) wrapped therearound. While a high-frequency current with a predetermined frequency is caused to flow through the induction heating coil (5), the induction heating coil (5) is axially moved to perform induction hardening of the hollow shaft material (1') from the outer peripheral surface (1g) side. At this moment, the frequency of the high-frequency current caused to flow through the induction heating coil (5) is set relatively low as to the small-diameter portions (1b), which have a relatively small thickness, and the frequency of the high-frequency current caused to flow through the induction heating coil (5) is set relatively high as to the large-diameter portion (1a), which has a relatively small thickness.