The small diameter double cutter crossbow bolt of the present invention incorporates a midsection spacer having a plurality of blades, positioned mid-shaft of a small diameter shaft having a nock and a tip. The nock and midsection spacer has an outer diameter equal to the outer diameter of a standard bolt to ensure the centerline axis of the bolt is the same as a traditional crossbow bolt, allowing the use of the small diameter double cutter crossbow bolt in standard crossbow stocks and rails. In a preferred embodiment, midsection blade is formed with a lumen and is slid over the small diameter shaft. In an alternative preferred embodiment, the midsection spacer is a solid unit, joining two halves of a small diameter shaft. Thus, the small diameter double cutter crossbow bolt of the present invention provides a crossbow bolt capable of greater speeds, range, accuracy, kinetic energy, and lethality.