In this paper, an external torque estimation problem in one-degree-of-freedom (1-DOF) flexible-joint robot equipped with a joint-torque sensor is revisited. Since a sensor torque from the joint-torque sensor is distorted by two dynamics having a spring connection, i.e., motor dynamics and link dynamics of a flexible-joint robot, a model-based estimation, rather than a simple linear spring model, should be required to extract external torques accurately. In this paper, an external torque estimation algorithm for a 1-DOF flexible-joint robot is proposed. This algorithm estimates both an actuating motor torque from the motor dynamics and an external link torque from the link dynamics simultaneously by utilizing the flexible-joint robot model and the Kalman filter estimation based on random-walk model. The basic structure of the proposed algorithm is explained, and the performance is investigated through a custom-designed experimental testbed for a vertical situation under gravity.