An apparatus and method for cutting a rubber portion of conveyer belt using a splitting member having a triple blade consisting of a V-shaped thin blade and a V-shaped double holder blade, in which the V-shaped thin blade is disposed within the V-shaped double holder blade so as to protrude from the V-shaped double holder blade, and a cutting member having a cylindrical blade consisting of two straight thin blades and two semicylinder blades, and a double holder, where the straight thin blades are disposed within the semicylinder blades so as to protrude from both side edges of the semicylinder blades, and the double holder is disposed so as to attach to the straight thin blades and to have the cylindrical blade replaceable therefrom.