With the continuous acceleration of urbanization in our country, the development and utilization of underground space have been regarded as an essential trend in urban development. Large-diameter shield tunneling has been considered a key approach to realizing the efficient use of underground space. When shield machines pass through complex and variable geological conditions, it will encounter various strata and geomorphologies such as weak and uneven formations, full-face hard rock layers, and water-rich muddy strata, all of which impose higher requirements on the adaptability of shield cutter tools. Based on the 13.46 m diameter air-cushion slurry balance shield machine used in the Hangzhou Tianmushan Tunnel Project, starting from the cutter material of the single-edged disc cutter, investigations were carried out on the intrinsic properties of the currently used cutter materials, including their frictional wear behavior, impact resistance, and corrosion resistance. The results show that the cutter edge material exhibited higher hardness (HRC 56.3) and yield strength (2 164 MPa), while the cutter ring material showed favorable hardness (HRC 56.0) and yield strength (2 136 MPa), along with superior elongation (14.83%) and impact absorption energy (6.83 J). During frictional processes, the coefficient of friction on the cutter surface was observed to decrease progressively with increasing frictional pressure and sliding speed. Furthermore, during service, the cutter was subjected to stress corrosion caused by factors such as salt-rich slurry and high-temperature oxidation induced by friction. Localized pitting corrosion gradually developed into corrosion pits, resulting in numerous lateral cracks, which propagated along the corrosion pits and ploughing grooves on the cutter surface, ultimately leading to tool failure.