A hole saw includes a depth stop for limiting the depth of penetration of the hole saw into a workpiece. The blade of the hole saw includes a plurality of slots, one of which is used to receive the depth stop. The depth stop is mounted to the blade by positioning a portion of the depth stop within the slot and sliding the depth stop from an unsecured position to a secured position. Once in the secured position, a locking member is moved within the depth stop to secure the depth stop in place. In use, the blade is advanced through the workpiece until the depth stop contacts the proximal surface of the workpiece.