A multiple use rotary cutting device having an accessory cutting mechanism for use with prepackaged food products such as pizza. The rotary cutting device provides multiple functions which enhance the convenience of use. The device further minimizes the quantity of devices which must be cleaned after use. The multiple use rotary cutting device has a cutting wheel; a frame member with a lower portion having a accessory cutting surface; a handle assembly comprising a handle cover and a handle for partially enclosing the lower portion of the frame member; and a retracting assembly, which in combination with the handle is capable of completely enclosing the lower portion of the frame member. The accessory cutting mechanism is capable of cutting open a prepackaged food product and the rotary cutting wheel is capable of cutting or slicing the food product itself. When the retracting assembly is compressed, the lower portion of the frame member which is not enclosed by the handle is thereby exposed and provides an accessory cutting mechanism upon demand.