Abstract: Disclosed herein is a universal pipe lathe for performing plural cutting operations on pipe and the like including a lathe structure having a clamp for affixing the pipe to the lathe, a drive motor supported on a stationary ring member, and a rotatable second ring driven by the motor upon which second ring is provided cutting tools of various configurations and oriented in specific fashions so as to provide a plurality of cutting combinations for the apparatus. Additionally, an indexing mechanism is provided for advancing the cutting tool and the clamping mechanism for retaining the lathe on the pipe can be adapted to engage the pipe internally or externally. The pipe lathe has two major sections which allow the lathe to be straddled over a pipe, and a suspension mechanism is provided so that the lathe can depend from a sling suspension, or alternatively be supported by an underlying support carriage.