A cutting tool holding device for holding a cutting tool is provided. The cutting tool holding device includes a base, a holder, and a fastening member. The base includes an embedding portion, an arc receiving hole, and a positioning hole. The holder includes a main body, an arc receiving post, and a guiding block. The main body includes an embedding concave which is detachably embedded with the embedding portion. The arc receiving post is correspondingly set into the arc receiving hole for stably assembled, and the scrap will be guided and discharged through the guiding block.