Abstract: A utility knife having a preferred two piece construction is provided. The utility knife includes a knife handle of unitary construction and a blade carrier also of unitary construction. The blade carrier includes a cutting blade portion for engaging the cutting blade and a storage portion for engaging extra cutting blades. The blade carrier also includes a spring element having a button. The button includes a rib which engages notches located on a slot of the knife handle. The blade carrier, and hence the cutting blade, may be extended or retracted by depressing the button and moving the blade carrier within the knife handle. The blade carrier is locked in place as the rib on the button engages one of the notches in the slot. The blade carrier is removed from the knife handle by depressing the button and passing the blade carrier through an inner portion of the knife handle.