Abstract: A folding utility knife with a blade release mechanism is provided, and the knife comprises: a handle comprising at least two side walls forming an internal space; a blade holding compartment pivotally connected to the handle, and the blade holding compartment comprises at least two side walls forming an internal blade cavity for holding a blade, at least a portion of the blade holding compartment is designed to be situated within the space of the handle during a folded position; and a blade release device comprises a blade lock and a button wedge, and the blade lock comprises at least one indentation situated in between at least two protrusions, and the protrusions are designed to contact and secure the blade within the blade cavity of the blade holding compartment, and the button wedge comprises a button connected to a wedge, and the wedge is designed to be situated within and moveable about a space created by the indentation of the blade lock, and the button is designed to be slidably moved to allow the we