A method of canneluring a frangible projectile includes the steps of rotating the projectile at a high speed, and cutting the cannelure into the projectile to form a frangible cannelured projectile. To ensure that the body is not damaged during cutting, the cutting tool has bevels on each side of a square, generally flat, cutting surface. A frangible cannelured projectile made by the foregoing method includes a groove having a generally flat base and beveled edges.