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