A hollow stabilizer having a component composition containing 0.26 to 0.30% of C, 0.05 to 0.35% of Si, 0.5 to 1.0% of Mn, 0.05 to 1.0% of Cr, 0.005 to 0.05% of Ti, 0.0005 to 0.005% of B and 0.0005 to 0.005% of Ca, wherein the contents of Al, P, S, N and O are limited to 0.08% or less, 0.05% or less, less than 0.0030%, 0.006% or less and 0.004% or less, respectively, the remainder of the component composition is made up by Fe and unavoidable impurities, the value of the product of the Mn content and the S content is 0.0025 or less, and the critical cooling velocity (Vc90) represented by a given formula is 40°C/s or less, and wherein the metallic structure is composed of a tempered martensite, the length of stretched MnS occurring in a center part of the hollow stabilizer as observed in a thickness direction is 150 mum or less, an HRC value is 40 to 50, the thickness/(outer diameter) ratio is 0.14 or more, and the depth of a decarburized layer in the inner surface part of the hollow stabilizer is 20 mum or less from the inner surface, said hollow stabilizer having higher strength compared with conventional hollow stabilizers and also having excellent fatigue properties; and a steel pipe for hollow stabilizers, which is used as a material for the hollow stabilizer.