An ergonomic tool lifting machine and method particularly useful for manipulating a machine tool or another heavy object. In one embodiment of the invention, the machine tool is a large milling cutter. The ergonomic tool lifting machine generally includes an articulating arm attached at a fixed end to a vertical lift mechanism, and at a free end to a grasping device or tool holder adapted for gripping and retaining an object of interest. When the object is a milling cutter, the ergonomic tool lifting machine may be used to transfer the cutter between a stored position and an installed position in a milling machine. Consequently, the tool holder of this embodiment is preferably able to rotate between a pick-up/drop-off position and an installation/removal position associated with the cutter. In general, the ergonomic tool lift machine allows heavy loads to be accurately moved with very little effort required on the part of an operator.