In recent years, circular saw blades with thinner kerfs have been in high demand for improvement of the production yield of wood-based materials and the reduction of sawdust. In the case of ripping of solid wood, the number of teeth of a circular saw blade is normally set to 40 or 50, with a diameter of 305 mm, which allows less cutting resistance and smooth exhausting of sawdust. However, at certain rotational speeds, self-excited alternate-tooth vibration can easily occur in circular saw blades with such thin kerfs and so few teeth. Therefore, the cutting surface quality tends to be worse. In this study, the mechanism of this self-excited alternate-tooth vibration was clarified. The vibration mode and frequency were predicted by the finite element method. In addition, a circular saw blade with a body thickness 1.5 mm and 50 teeth was employed for wood-cutting experiments. The rotational speed range of the self-excited alternate-tooth vibration modes and their frequencies were investigated. When a double of the tooth passage frequency was slightly higher than the frequencies of the alternate-tooth vibration modes, an alternate-tooth vibration of the regenerative chatter type was excited, owing to the forces on the sides of the tooth.