Abstract: A picture frame mat opening cutter is adapted for cutting both circles and ovals and depth of cut can be controlled by the amount of downward pressure applied during use. The cutter body mounts a retractable cable wound on a rotatable spool; a cutting blade mounted on a spring-loaded, slidable support bar; and a rotatable, vertically movable control knob which bears on the support bar and is manually grasped and manipulated for moving the cutter and controlling the depth of cut according to the amount of pressure applied to the knob. Beveled oval and circular picture frame mat openings are cut utilizing the retractable cable in conjunction with positioning pins on the surface of a mat to be cut. By modification, straight line cuts are also obtainable.