In one exemplary aspect, an extraction tool adapted for extraction of a cutting tool holder mounted to a rotary member of a rotary cutting device is disclosed. The extraction tool comprises a tool frame. A first extraction wedge and a second extraction wedge are connected with the tool frame. At least one of the extraction wedges is movably connected with the tool frame. A related method is also disclosed. In another exemplary aspect, a method of extracting a cutting tool from a tool holder of a rotary cutting device comprises the steps of positioning an extraction tool adjacent the tool holder with a first end at a positioned forward of a cutting tool surface that is disposed within the tool holder and with a second end positioned rearward the cutting tool surface, and applying force to the first end of the extraction tool in a direction other than perpendicular to a longitudinal axis.