A carpet cutter assembly comprising a ribbed handle, an elongated internal channel opening along the lower surface, which houses the blade in a dosed position; an exposed blade storage mechanism on the handle for housing a plurality of replacement blades, the blade storage mechanism having a blade storage handle, which locks in a blade storage cavity to secure the blade in place; a locking wheel mechanism at the frontal end of the handle, which rotates the blade from an open, closed and loading position and secures the blade in these positions; a rotatable blade retainer located at the frontal end of the handle, wherein the blade is positioned for use; and a blade safety housing with a pivot opening through which the locking wheel shaft is inserted, wherein the housing engages with the retainer to secure the blade.