Accurate evaluation of cutter life at different cutter positions on the cutter head is helpful to determine the time of cutter change and reduce the time of cutter wear measurement, which is of great significance to improve the tunneling efficiency of tunnel boring machine (TBM) projects. Unfortunately, there is no unified cutter life evaluation index now. The field data of cutter wear are collected from a section of a long TBM tunneling water conveyance tunnel in China. Two kinds of cutter life evaluation indexes (based on the radial wear extent of cutter rings and replacement number of cutter rings) are selected and the variation rule between these two kinds of indexes with cutter installation radius is statistically analyzed. The results show that the regression relationships between the two kinds of cutter life evaluation indexes and installation radius mainly present linear functions and quadratic functions. Those regression relationships are affected by factors such as wear type, installation angle, cutter spacing, influence width, and allowable limit wear extent of cutter rings. Considering the calculation accuracy of the evaluation index, the actual working conditions of the disc cutter, and ignoring the influence of tunnel diameter, it is recommended to preferentially choose the radial wear extent of cutter rings per unit rolling distance as the evaluation index of cutter life. The research results can provide a reference for the selection of cutter life evaluation index, prediction of disc cutter life at different cutter positions, and establishment of cutter life prediction mode.