A wafer processing method for processing a wafer formed on a front surface thereof with a plurality of devices having projection-shaped electrodes, the devices being partitioned by streets, includes a cutting step of holding a back surface of the wafer by a holding surface of a chuck table and cutting head portions of the projection-shaped electrodes by a cutting tool slewed in parallel to the holding surface, to make uniform the electrodes in height and expose metallic surfaces; a thermocompression bonding sheet laying step of laying a thermocompression bonding sheet on the front surface of the wafer; a thermocompression bonding step of heating and pressing the thermocompression bonding sheet to perform thermocompression bonding; and a peeling step of peeling off the thermocompression bonding sheet from the wafer, before dividing the wafer into individual device chips and bonding the electrodes to a circuit board.