Abstract: A craft punch with a replaceable cutting tool includes a main body having an upper part and a lower part which are spaced up and down. The upper part has a passage, and the lower part has a receiving part to movably receive a lower cutting mold holder. An upper cutting mold holder receiving component could be installed in the passage movably up and down, the upper side of the receiving component bulges to form a tubular part, and one side of the receiving component back to the tubular part is provided with a receiving part which could movably receive an upper cutting mold; a cover plate covers the upper end of the passage and is provided with a through hole allowing the tubular part to pass through an upper bulge, and an upper cover covers the upper side of the cover plate, and is connected with the tubular part.