The invention relates to a technology of preparing special-shaped cutting steel wire, comprising the following steps: (1) coarse wire drawing, during which step the steel wire rod of Phi5.5-6.5mm is drawn into the steel wire of Phi2.80-3.25mm, (2) middle filament heat treatment, (3) intermediate drawing, during which step the steel wire of Phi2.80-3.25mm is drawn into the steel wire of Phi 0.76-1.15mm, (4) wet drawing, during which step the steel wire of Phi0.76-1.15mm is drawn into the steel wire of Phi0.08-0.3mm, (5) press rolling, during which step the steel wire is rolled into the steel wire having a cross section of polygon or ellipse, (6) electroplate/bonding, during which step SiC or diamond particle abrasive is fixed upon the external surface of the steel wire in an electroplating or glue-bonding manner, and (7) taking up, during which step the finished product is obtained. The preparing technology of the invention is simple, environment-friendly, efficient, and of low cost. The cutting steel wire prepared via this technology takes the shape of elliptic cylinder or polygon body, with hardness and tensile strength substantially improved, effectively decreasing the wire-broken rate, accelerating cutting speed of steel wire, and improving the cutting efficiency.