We study, on a weighted Riemannian manifold of Ric N ≥ K > 0 for N < −1, when equality holds in the isoperimetric inequality. Our main theorem asserts that such a manifold is necessarily isometric to the warped product R × cosh( √ K/(1−N )t) Σ n−1 of hyperbolic nature, where Σ n−1 is an (n − 1)-dimensional manifold with lower weighted Ricci curvature bound and R is equipped with a hyperbolic cosine measure. This is a similar phenomenon to the equality condition of Poincaré inequality. Moreover, every isoperimetric minimizer set is isometric to a half-space in an appropriate sense.In a weighted manifold, the Ricci curvature is modified into the weighted Ricci curvature Ric N involving a parameter N which is sometimes called the effective dimension. Recently, the developments on the curvature-dimension condition in the sense of Lott, Sturm and Villani have shed new light on the theory of curvature bounds for weighted manifolds. The curvature-dimension condition CD(K, N) is a synthetic notion of lower Ricci curvature bounds for metric measure spaces. The parameters K and N are usually regarded as "a lower bound of the Ricci curvature" and "an upper bound of the dimension", respectively. The roles of K and N are better understood when we consider a weighted Riemannian manifold (M, g, m):Geometric analysis for the weighted Ricci curvature Ric N (also called the Bakry-Émery-Ricci curvature) including the isoperimetric inequality has been intensively studied by Bakry and his collaborators in the framework of the Γ-calculus (see [BGL] and [BL]). Recently it turned out that there is a rich theory also for N ∈ (−∞, 1], though this range seems strange due to the above interpretation of N as an upper dimension bound. For examples, various Poincaré-type inequalities ([KM]), the curvature-dimension condition ([Oh3, Oh2]), the splitting theorem ([Wy]) were studied for N < 0 or N ≤ 1. In our previous paper [Mai], we studied the rigidity of the Poincaré inequality (spectral gap) under the condition Ric N ≥ K > 0 with N < −1, and showed that the sharp spectral gap is achieved only if the space is isometric to the warped product R × cosh( √ K/(1−N )t) Σ n−1 of hyperbolic nature. In this paper, we continue this study to the rigidity problem of the isoperimetric inequality.The isoperimetric inequality on weighted manifolds satisfying Ric N ≥ K and diam(M) ≤ D was studied in [Mi1] and [Mi2]. The isoperimetric inequality could also be verified in a gentle way called the needle decomposition on Riemannian manifolds developed by Klartag in [Kl]. The idea is to reduce a high dimensional inequality into its one dimensional version on geodesics, which is much easier to verify. Cavalletti and Mondino generalized this method to metric measure spaces satisfying CD(K, N) condition for N ∈ (1, ∞), and also established the rigidity result for the isoprimetic inequality in [CM]. In this paper, we use the needle decomposition method to consider the rigidity of the isoperimetric inequality under the condition Ric N ≥ K > 0 and N < −1. The splitting...