A reciprocating cutting tool is provided, wherein the tool has a reciprocating saw mode and a jig saw mode. The tool includes a reciprocating mechanism; an actuating mechanism and a cutter-lifting mechanism. The reciprocating mechanism includes a reciprocating rod and the cutter-lifting mechanism includes an actuating member and a pushing member. The actuating member includes a first engaging portion and a second engaging portion when the reciprocating rod is driven to perform a reciprocating motion, the reciprocating rod drives the pushing member to deflect close to the first engaging portion or second engaging portion; when the first engaging portion or the second engaging portion is driven to move close to the pushing member, the first engaging portion or second engaging portion pushes the pushing member towards the side which the first engaging portion or the second engaging portion deflects to force the reciprocating rod to implement a cutter-lifting motion.