This study deals with a series of experimental investigations on multi-stage cold forging of an outer race used for a constant velocity (CV) joint with six inner ball grooves. The multi-stage cold forging, which consists of forward extrusion, upsetting, backward extrusion, and combined sizing-necking including ironing, was used to produce a prototype of the outer race. The cold forging tools such as forging punches and dies required in this multi-stage cold forging were also designed and fabricated. For the combined sizing-necking, especially, the longitudinally six-segmentallized punches were developed to easily eject from the necked inner groove of the outer race with consideration of the operating mechanism. Spheroidized SCr420H billet was used in the experimental study. To verify the suitability of the proposed process, the obtained parts were obtained from each forging operation, and the geometries were compared with the target dimensions. It was confirmed that the outer race with six inner ball grooves was well forged by adopting the proposed multi-stage cold forging, and the dimensional accuracy of the forged outer race matched well with the requirements.