A disposable drilling and milling cutter for use with an NC or CNC machine tool and configured to be fed in a spiral manner includes a shank, a chip removing groove at one of a plurality of offset positions at one end of the shank, a blade seat at a distal end of the chip removing groove, and a disposable blade locked to the blade seat. The disposable blade has a cutting edge at each of its upper and lower ends, and each cutting edge has an irregular height and a notch. The wavy structural design of the disposable blade enables the disposable drilling and milling cutter to drill and mill in a sectioned manner, to break the drilling/milling chips automatically, and to perform intermittent processing.