A balancing shaft of engine and its forging method are disclosed. The balancing shaft consists of carbon 0.47-0.55%, silicon 0.17-0.37%, manganese 0.50-0.80%, vanadium 0.01-0.03%, niobium 0.001-0.002%, phosphor<=0.035, sulfur<=0.035%, copper<=0.17% and iron residues. The process is carried out by cutting carbon steel, heating, blanking and forming to obtain blank, heating, blanking, cutting fringe and drawing slope, transferring by conveyor belt, cooling, heat treating, heat correcting and surface treating to obtain the final product. It has better quality and longer usage life, improves metal tissue structure, mechanical strength and impact toughness and saves energy resources.