The invention provides a diamond circular saw blade. The diamond circular saw blade is characterized in that the diamond circular saw blade comprises, by weight, 40-45% of metallic bonding agents, 30-32% of FC30 alloyed powder, 20-25% of copper and 6-8% of tin. A machining method for the diamond circular saw blade comprises the following steps of (1) working layer burdening, (2) pelleting, (3) cold pressing, (4) hot pressed sintering, (5) exposedness of a cutting edge, (6) paint spraying, and (7) detection and storage in a warehouse. According to the machining method for the diamond circular saw blade, a diamond bit tool and a steel base body are integrally formed through cold pressing, and welding is not required. Bonding force between part of the tool bit and the base body is strong, the phenomenon of tooth falling is not prone to occurring, a saw blade base body is assembled into a cold pressing forming steel mould, and forming is achieved through two-time feeding and one-time integral cold pressing. The phenomenon of piece burning is avoided, so that the saw blade cutting efficiency is stably and lastingly kept.