A knife comprising a housing and a rotating blade carriage pivotably associated with the housing. The knife further includes a compartment in which a plurality of blades can be stored and later advanced from the housing for performing a cutting action, the first end of the blade being exposed. The rotating blade carriage can be rotated with respect to the housing and placed in a second position so that the opposite end of the same blade is exposed for performing a cutting action when advanced. The rotating blade carriage can be selectively locked in the first or second position. A carriage locking lever can be accessible for unlocking the rotating blade carriage for blade reversal. When removal of the used or worn blade is desired, the knife can have one or more blade release members that allow the disengagement of the blade from the knife so that the user can manually remove the blade without the requirement of disassembly or partial disassembly of the knife. Automatic reloading of subsequent blades is possible. If desired, the knife can be configured to automatically load subsequent blades after removal of previous used or worn blades.