PURPOSE: To provide a cutting tool, of which blade tip is not damaged for a long time even in the case of cutting a frozen material to be cut such as a frozen fish, by improving the flexibility of the blade even at a low temperature, and to provide the manufacturing method for that tool.

CONSTITUTION: A cutting tool for use at a low temperature is made of the matrix high-speed steel, and near net shaped by fine casting. At the time of manufacturing this cutting tool, the melted matrix high-speed steel is cast by the fine casting so as to obtain the casting, which is near net shaped to the required shape of a cutting tool, and after annealing this casting, hardening and tempering are performed so as to manufacture the cutting tool having the excellent flexibility, especially, at a low temperature.