The invention relates to the technical field of shield machines, in particular to a hobbing cutter with the function of adjusting the inner cavity pressure balance of a bearing. The hobbing cutter comprises a cutter body, a cutter shaft, a cutter ring, the bearing, an end cover and a floating seal device; the cutter shaft is installed in the cutter body through the bearing, the end cover and the floating seal device are installed at the two ends of the cutter body in a matched mode, the cutter ring is installed on the outer ring of the cutter body, and the cutter shaft is provided with a pressure balancing device which is communicated with an inner cavity of the bearing; the pressure balancing device comprises an oil hole drilled in the cutter body and a protective cover, a pressure transmitting bag is arranged in the oil hole, the protective cover fixedly and tightly presses the pressure transmitting bag, and the oil hole is communicated with the inner cavity of the bearing through a first pressure transmitting hole. According to the hobbing cutter, the structure is simple, the pressure balancing device is additionally arranged in an existing cutter structure and arranged on the cutter shaft, space is not occupied, the effectiveness of the bearing is guaranteed, and the effective service life of the cutter is prolonged.