The invention relates to the technical field of chemical equipment, in particular to a combined cutting tool applied to nickel starting sheet preparation unit nail lugs. The combined cutting tool comprises a stamping knife and a riveting knife, wherein the stamping knife is divided into a supporting part, a connecting part and a punching part, and the riveting knife is divided into a supporting part, a connecting part, a pressing part and an edge turning part; the punching part and the edge turning part are rectangular pyramids, and an orifice is broken into two petals by an edge during punching, so that the punching resistance is reduced; for lifting lugs and starting sheets with different thicknesses and hardness, turned edges after punching are large, regular in shape and good in symmetry. The connecting parts are cuboids, so that the hole size can be amended further; the supporting parts and the pressing part are cylinders, so that the punching and edge turning stroke are restricted; before the turned edges are pressed, the edge turning part extends into a punched hole so as to prevent the turned edge from being folded back. The combined cutting tool is smooth in riveting edge and good in connection strength. The riveting qualified rate can reach 99.7%, so that the requirement of nailing lugs is met.