Abstract: A punching machine has an upper (3) and a lower (4) tool magazine of the carousel type. Coaxially interacting punching tools (10) and die tools (19) are transferred in conjunction with tool changing from take-up positions in the upper and lower magazine to working positions respectively in the upper reciprocating punch holder (45, 49) of the machine and in the lower fixed die holder (29) of the machine. The upper punch holder is divided along an axial plane into one fixed parts and one radially moving part (45) relative to the magazine. The lower die holder is executed in the form of an uninterrupted ring. After the transfer of a punching tool from the upper magazine to the working position in the punch holder, the magazine (D.sub.1) with the other punching tools accommodated in it is raised in order to ensure the necessary clearance between these magazined tools and any projections and irregularities on the workpiece as it is fed and moved between the magazines during working.