The invention relates to a cutter for machining a dust-proof sleeve with a wave-shaped part, and a manufacturing method thereof. The cutter comprises a cutter bar. One end of the cutter bar is provided with a blade. The blade is provided with a cutting edge. The end surface of the cutting edge is of an arc-shaped structure. By the cutter, the die machining geometrical shape can be ensured, and the machining depth requirement can be met. The machining range is effectively enlarged. Meanwhile, chips can be successfully removed during the machining process and the cutting hardness is reinforced. The machining precision is ensured.