The influence of binder composition on the performance of diamond circular saws in cutting reinforced concrete was investigated. Two different approaches were used to improve Fe-based binder to provide high cutting rate and stable wear rate of the tool. The first approach was built upon doping the binder with titanium, a strong carbide-forming component, which allowed producing titanium carbide layer at the diamond–binder interface, thus improving adhesion. The second approach involved complex modification of the binder with nanoparticles of tungsten carbide, hexagonal boron nitride and carbon nanotubes. These dopants improve the mechanical properties of the binders and provide formation of self-assembling protective WC coatings on the diamond surface. To confirm the benefits of binder modification, we tested diamond circular saws equipped with designed binders in cutting reinforced concrete. The tools with basic binder had the lowest cutting speed, higher wear rate and dulling during the test. The modification by addition of titanium allows this problem to be partially solved due to better diamond fixation in the working layer. The complex modification of the binder with nanoparticles demonstrated the best results as it changed its wear mechanism as well as enhanced its mechanical properties. The simultaneous strengthening with WC particles and carbon nanotubes and provoking of wear of binder microvolumes by boron nitride made it possible to maintain high cutting speed and stabilize the tool wear during machining. This work was supported by the Russian Science Foundation, Project No. 17-79-20384.