Bandsaw blades are typical band-shaped cutting tools characterized by a low stiffness and micro-level cutting depth, resulting in distinct wear mechanisms compared to rigid cutting tools. In this study, the evolution of bandsaw tooth wear mechanisms during the bandsawing of Cr12MoV cold-working steel was investigated. The tool life was divided into two stages according to the tooth wear mechanism: a rapid wear stage (Stage I) and a homogeneous wear stage (Stage II). In Stage I, the wear mechanism was dominated by chipping, although multiple wear mechanisms were found because of the relatively poor manufacturing tolerance compared to rigid cutting tools, resulting in remarkable differences between the cutting depths of the individual teeth. In Stage II, abrasive and adhesive wear were the primary wear mechanisms instead of chipping, due to the decreased width and setting magnitude tolerance after Stage I. Furthermore, methods for increasing the bandsaw performance were proposed based on the tooth wear mechanisms.