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, TGFβ 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, TGFβ and GDF5.Also provided is a pharmaceutical product comprising chondrocytes obtained by the method.