Abstract: A gasket punch of the instant invention includes a frame having a grip integrally formed therewith, a piston chamber located ahead of the grip, and a die platform spaced beneath the piston chamber, also ahead of the grip. The punch includes a fluid connector for connecting the punch to a pressurized fluid supply. A piston and shaft are mounted for reciprocating movement in the piston chamber and are operable to receive a punch element on the free end of the piston shaft. Punch and die elements are provided to form holes of various sizes. The punch and die elements are interchangeable. A resilient stripping element is provided for each punch element to remove the punched gasket material from the punch element. An adjustable bail and plural guide elements are provided to accurately position the punch relative the gasket material to be punched.