A utility knife which includes a feature for presenting a user with a replacement blade holder containing replacement blades when the separate halves of the knife body, referred to as handle portions, are opened to expose an interior cavity is disc losed. A pivotable latching lever selectively movable between a latched position and an unlatched position permits the two handle portions to pivot relative to one another about a pivot axis when the lever is in the unlatched position so that the replacement blade holder may be presented to the user. The disclosed utility knife having a replacement blade holder and a latching lever is capable of very economic manufacture, yet is dependable in operation.