Disclosed herein is a cutting tool having high toughness and abrasion resistance, in which a coated cutting tool including a cemented carbide substrate, a cermet substrate or a ceramic substrate coated with a hard coating film by means of chemical vapor deposition, moderate temperature-chemical vapor deposition or physical vapor deposition, and/or a cemented carbide cutting tool, a cermet cutting tool or a ceramic cutting tool are subjected to wet blasting using 10-300 μm sized particles to decrease residual tensile stress or increase residual compressive stress, thereby improving toughness, and also, reducing surface roughness of the cutting tool, thus remarkably increasing chipping resistance and flaking resistance.