The present invention provides a multi-functional cutting tool comprising a first cutting head, a second cutting head positioned opposite to the first cutting head, a shank formed between the first cutting head and the second cutting head, and a chip discharge portion extending from the first cutting head to the second cutting head by way of the shank. The first cutting head has 180 degrees rotational symmetry with the second cutting head about an axis, which passes through the longitudinal center of the cutting tool and is perpendicular to the central axis of the cutting tool. The chip discharge portion comprises a helical portion formed helically with respect to the central axis of the cutting tool such that the chip discharge portion is not positioned on the portion, where a tool holder clamps the cutting tool and a cutting load is concentrated during the cutting process.