Abstract: A paper puncher includes a driving shaft, an upper cutter, a lower cutter, a control panel and a paper limiter. Both the upper cuter and the lower cutter are linked to the driving shaft and both comprise a pin thereat. The control panel comprises a trough corresponding to the pins of the cutters. The control panel comprises a post, and the paper limiter comprises a guide slot corresponding to the post. The trough comprises a vertical slot and a horizontal slot interconnected with each other. By sliding the control panel, the vertical slot of the trough allows either the pin of the upper cutter or the pin of the lower cutter to slide therein, and the post of the control panel slides in the guide slot to confine the movement of the paper limiter.