A diamond sleeve grinding cutter suitable for drill sleeve guide comprises a circular drill rod and a guide drill sleeve. The guide drill sleeve is positioned on the middle lower portion of the drill rod and connected with a drill template, the drill rod comprises a threaded handle (1), a 120-degree positioning conical surface (2), a core discharging port (3), a core discharging guide hole (4), a dust chip discharging spiral groove (6), a spiral guide surface (7), a dust chip discharging straight groove (8) and a cutter cutting edge (9) from top to bottom, double cylindrical surfaces are combined to from the guide drill sleeve, and a through hole is formed in a core, so that the drill rod conveniently penetrates the through hole. The diamond sleeve grinding cutter is an integrated cutter, the quality of a machined hole is fine, defects are fewer, hole forming efficiency is high, a composite hole with a large diameter can be machined once, dust cuttings are fewer and almost discharged in the form of material cores, environmental pollution is low, and materials can be repeatedly used.