To provide a cutting grinding wheel having an outer circumferential blade which is light in weight, high in rigidity and small in shake of an outer peripheral part of a substrate.

A blade tip part of this cutting grinding wheel is formed by fixing a grinding material layer on an outer circumferential part of a flat ring- shaped substrate. The substrate is formed of an alloy having the composition consisting of, by weight, 0.7-1.7% C, 5-20% W, 1.2-4.5% V, and 3-10% Mo as necessary, and at least Hv 800 in Vickers hardness, and the compressive stress remains in an outer circumferential area in the radial direction of the substrate. The shake of the substrate can be suppressed thereby.