A retractable surgical blade includes a handle defining a channel and a surgical blade member. The surgical blade member includes a body to which is secured a surgical blade. The body has a portion which engages the channel so that the surgical blade member can move from a cutting position in which the surgical blade projects from the handle and can be employed in a surgical procedure to a retracted position in which the surgical blade is disposed in the channel. When in the retracted position, the surgical blade is unable to cut or stab persons associated with the surgical procedure. The device further includes cooperating locking members on the handle and the body to position the surgical blade member in the desired position. An associated method of performing a surgical procedure is also disclosed.