The invention discloses a manufacturing method of a pedestal bearing for a turbocharger and a positioning tool for the same. The manufacturing method comprises the following machining procedures of: 1), roughly turning one end surface and a hole of a workpiece; 2), roughly turning the other end surface and an outer circle of the workpiece; 3), annealing the workpiece to remove stress; 4), carrying out finish turning on the end surface and the hole; 5), carrying out the finish turning on the other end surface and the hole; 6), milling a semicircular positioning groove; 7), drilling radial holes at two ends; 8), milling the flat and square parts of the outer circle; 9), removing burrs by a bench worker; 12), milling an oil applying wedge surface of a thrust surface; 13), carrying out flaw detection; 14), removing the burrs by the bench worker and cleaning a part; and 15), carrying out comprehensive detection. The procedure 3) is adopted between the procedure 2) and the procedure 4) to anneal the workpiece to remove the stress; a procedure 10) and a procedure 11) are adopted between the procedure 9) and the procedure 12); the procedure 10) comprises the following steps of: adopting the positioning tool, positioning the outer circle of the workpiece by utilizing a tool hole, compacting the thrust surface of the workpiece, and accurately grinding the holes; and the procedure 11) comprises the following steps of: positioning the holes by utilizing a taper shaft, and accurately grinding the outer circle and the thrust surface. The manufacturing method and the positioning tool have the advantages that the procedures are arranged reasonably, and the machining quality and the machining efficiency can be effectively improved.