Provided is a method for producing chondrocytes from pluripotent stem cells, the method comprising the steps of: (i) culturing pluripotent stem cells under adherent conditions in a medium containing an HMG-CoA reductase inhibitor and one or more substances selected from the group consisting of BMP2, TGF² and GDF5, and (ii) culturing the cells obtained in step (i) under suspension conditions in a medium containing an HMG-CoA reductase inhibitor and one or more substances selected from the group consisting of BMP2, TGF² and GDF5. Also provided is a pharmaceutical product comprising chondrocytes obtained by the method.