The invention discloses a high precision hard alloy small round knife machining process and belongs to the technical field of hard alloy cutter production. The process includes steps of material preparation, ball mill mixing, drying, sieving, stamping, graphite plate boat pretreating, stacking, sintering, inner circle machining, outer circle processing, plane processing, large blade machining and small blade machining, special painting usage, high-purity graphite plate boat usage and comprehensive usage thereof. The sharpness and roughness of a hard alloy small round knife, stability of quality and qualified rate are guaranteed, and the purpose of improving hard alloy product quality is achieved; by the aid of the process, the human safety of operators can be guaranteed, environment pollution is avoided, the producing efficiency can be improved by 50%, and the equipment investment can be reduced as compared with that of same productivity; since a recovery comprehensive utilization device is arranged, resource can be saved, production cost can be reduced, and market competitiveness can be enhanced.