PCT No. PCT/JP96/03292 Sec. 371 Date Jul. 25, 1997 Sec. 102(e) Date Jul. 25, 1997 PCT Filed Nov. 8, 1996 PCT Pub. No. WO97/19784 PCT Pub. Date Jun. 5, 1997A crankshaft phase indexing apparatus of this invention is provided with a pair of spindles arranged in alignment with a first axis. The Spindles are rotated respectively by a pair of spindle driving motors, which are controlled to rotate at the same speed. Chucks are mounted to the respective spindles. The chucks hold ends of a crankshaft in alignment with a second axis, which is displaced from and parallel to the first axis. A phase conversion shaft is rotatably arranged in at least one of the chucks in alignment with the second axis. The phase conversion shaft is connected to the crankshaft for rotating the crankshaft to permit phase indexing of crankpins of the crankshaft into axial alignment with the first axis. A phase indexing shaft, which is coupled to the phase conversion shaft, is located concentrically with the spindles and is rotated by a phase indexing motor. A control device for controlling the phase indexing motor and the spindle driving motors executes a first mode, in which the phase conversion shaft is revolved with the pair of spindles about the first axis to perform an operation on the crankshaft, and a second mode, in which the phase conversion shaft is rotated about the second second axis to index the crankshaft. Further, a link coupling is located between the phase conversion shaft and the phase indexing shaft. The link coupling is capable of changing the center distance between the first and second axes.