The invention relates to a method and apparatus of cutting and holding a knitting yarn in a weft knitting machine, capable of holding end portions of many knitting yarns without being provided with a holding mechanism within or in a vicinity of an area for knitting a knitted fabric. A controller (10) leads to the formation of a crossing portion (8a) that is formed using a plurality of knitting needles (4) and crosses between front and back needle beds (2) and a hold portion (8b) that is formed on the knitting needles (4) on one of the needle beds (2), with a knitting yarn (8) that has been put on standby after knitting of a knitted fabric (9) is completed until the knitting yarn (8) is used for knitting of the next knitted fabric. Thus it is possible to hold the knitting yarn (8) without a special apparatus that holds the knitting yarn (8) being provided. The hold portion (8b) can be provided within or in the vicinity of an area for knitting the knitted fabric (9). Thus, the distance by which the yarn feeding member travels can be made shorter, and production efficiency can be improved. The cutter (11) travels along the needle bed (2) and cuts the knitting yarn in the crossing portion (8a), and thus knitting of the knitted fabric (9) is not hampered.