A manufacturing method of shunt resistor that includes a pair of electrode plates (10, 10) spaced apart from each other in a plate surface direction and a resistive alloy plate that connects the pair of electrode plates (10, 10) and that is configured so that a resistance value between the pair of electrode plates (10, 10) is adjusted to a desired resistance value, the manufacturing method comprising, a step of providing an alloy member for forming the resistive alloy plate, the alloy member having such a resistance value that the resistance value between the pair of electrode plates (10, 10) in a state where the alloy member connects the pair of electrode plates (10, 10) is smaller than the desired resistance value; a step of forming a resistor preassembly by connecting the pair of electrode plates (10, 10) via the alloy member; a step of measuring the resistance value between the pair of electrode plates (10, 10) in the resistor preassembly as an initial resistance value; a step of calculating a difference between the initial resistance value and the desired resistance value as a resistance value to be adjusted; a step of providing a plurality of recess forming members capable of forming recesses (30, 30, 30) each having a characteristic size in the surface of the resistive alloy plate by being pressed against the surface of the resistive alloy plate; a recess determining step of determining the size and the number of the recesses (30, 30, 30) necessary to be formed so that the increase in the resistance value of the resistive alloy plate in accordance with the numbers and sizes of the recesses (30, 30, 30) capable of being formed by the respective plurality of recess forming members is the resistance value to be adjusted; a step of dividing the surface of the resistive alloy plate into a plurality of regions in accordance with the sizes of the recesses determined in the recess determining step; and a recess forming step of forming the recesses (30, 30, 30) according to the size and the number determined in the recess determining step, within the corresponding regions so as not to open outward in a plan view, by using the corresponding recess forming members among the plurality of recess forming members, and wherein the recesses (30, 30, 30) formed by the recess forming step are disposed along the same cross section in the direction perpendicular to the direction of electrical conduction. a step of providing an alloy member for forming the resistive alloy plate, the alloy member having such a resistance value that the resistance value between the pair of electrode plates (10, 10) in a state where the alloy member connects the pair of electrode plates (10, 10) is smaller than the desired resistance value; a step of forming a resistor preassembly by connecting the pair of electrode plates (10, 10) via the alloy member; a step of measuring the resistance value between the pair of electrode plates (10, 10) in the resistor preassembly as an initial resistance value; a step of calculating a difference between the initial resistance value and the desired resistance value as a resistance value to be adjusted; a step of providing a plurality of recess forming members capable of forming recesses (30, 30, 30) each having a characteristic size in the surface of the resistive alloy plate by being pressed against the surface of the resistive alloy plate; a recess determining step of determining the size and the number of the recesses (30, 30, 30) necessary to be formed so that the increase in the resistance value of the resistive alloy plate in accordance with the numbers and sizes of the recesses (30, 30, 30) capable of being formed by the respective plurality of recess forming members is the resistance value to be adjusted; a step of dividing the surface of the resistive alloy plate into a plurality of regions in accordance with the sizes of the recesses determined in the recess determining step; and a recess forming step of forming the recesses (30, 30, 30) according to the size and the number determined in the recess determining step, within the corresponding regions so as not to open outward in a plan view, by using the corresponding recess forming members among the plurality of recess forming members, and wherein the recesses (30, 30, 30) formed by the recess forming step are disposed along the same cross section in the direction perpendicular to the direction of electrical conduction.