A hole saw having efficient slug removal preferably includes a saw cup, a shank portion and a pilot cutting device. A cutting surface is formed on an open end of the saw cup. An inside surface of the saw cup is given a low friction treatment and preferably an outside surface thereof. The shank portion is retained on a closed end of the saw cup. The pilot cutting device is preferably a drill, but other cutting devices may also be used. A second embodiment of a hole saw having efficient slug removal preferably includes a saw cup, a shank portion and a pilot cutting device. The saw cup includes a prior art saw cup, at least two side openings and a cutting surface. The at least two side openings are formed through the prior art saw cup to remove a substantial portion of a side wall.