The invention relates to a punching die. The punching die comprises an upper die holder and a lower die holder, an upper base plate is arranged below the upper die holder, a male die fixed plate is arranged below the upper base plate, a lower base plate is arranged above the lower die holder, a female die is arranged above the lower base plate, a falling plate is arranged above the female die, a damping mechanism is arranged between the upper die holder and the lower die holder, a cavity is formed in the lower die holder, a conical falling hole is formed in the top face of the lower die holder, the conical falling hole communicates with the cavity, a receiving mechanism is arranged in the cavity, a clamping groove is formed in the front end of the lower die holder, a sliding door is arranged in the clamping groove in a sliding manner, according to the punching die, waste does not need to be manually pushed aside at regular intervals, labor intensity is reduced, waste stacking is avoided, the waste is prevented from jacking the falling hole, waste falling is facilitated, punching is prevented from being affected, and the punching product quality and the machining efficiency are improved.