The invention provides a diamond saw blade. The saw blade comprises a base, and a plurality of cutter heads arranged on the base and used for sawing; the base is a circular plate, and the multiple cutter heads are uniformly arranged on the peripheral surface of the base. The diamond saw blade is characterized in that the raw materials for preparing the cutter heads comprise, by mass, 50-60 parts of FeCu30, 10-25 parts of Cu, 5-10 parts of Sn, 0-15 parts of Ni, 30-50 parts of diamond and 0-15 parts of reactive powder; and the reactive powder comprises, by mass, 48-52 parts of chromium zirconiumbronze, 24-27 parts of manganese-copper-nickel alloy, 13-17 parts of copper manganese alloy and 9-13 parts of Cu. According to the diamond saw blade, the reactive powder is used as additives for replacing Ni elements in the iron-based diamond saw blade body, and the amount of precious and harmful metal Ni is reduced; and the usability of the saw blade is not reduced while the cost and potential environmental pollution are reduced.