<p>Disc cutters installed on conical cutterheads play a critical role in rock-cutting during the downward excavation process for shaft boring machines (SBMs). The rock-cutting characteristics of inclined cutters constitute an essential basis for cutter layout and optimization of operational parameters. This study investigates the rock-cutting characteristics of disc cutters at different installation angles under various cutting parameters through full-scale cutting tests. Compared with traditional TBM normal cutters, the penetration direction of the SBM inclined cutter does not coincide with its symmetry axis. As the cutter installation angle increases, the cutter-rock contact area decreases, and the dense core and crushed zone deviate toward the lower side of the symmetry axis. The normal force and the rolling force of rock-cutting decrease, while the side force of the inclined cutter is significantly larger than that of the normal cutter, and the degree of rock fragmentation on the lower side of the cutter blade is higher than that on the upper side. The cutting specific energy tends to decrease with the increase of cutter installation angle. When the cutter spacing to penetration depth ratio is 30, the SE of disc cutters with installation angles of 0°, 15°, and 25° are 66.2, 85.9, and 147.8 MJ/m³, respectively. Furthermore, large-sized rock debris is more prone to appearing under the rock-cutting by the cutter with a lower installation angle. The findings of this study provide valuable guidance for the design of the installation angle for the SBM inclined cutters.</p>