Axes and hamaxes (hammer/axe) are the only tools in Terraria that can be used to harvest Wood. Axes and Hamaxes are crafted at Iron Anvils and Mythril Anvils. The hamaxe is, as you can tell from the name, half axe and half hammer. The hamaxe are used for both cutting trees and hammering things.

	Axe	Damage	Axe Power	Speed	Materials to Craft
	Copper Axe	3	35%	Slow	9 Copper Bars, 3 Wood
	Iron Axe	5	45%	Average	9 Iron Bars, 3 Wood
	Silver Axe	6	50%	Very Fast	9 Silver Bars, 3 Wood
	Gold Axe	7	55%	Very Fast	9 Gold Bars, 3 Wood
	War Axe of the Night	20	75%	Average	10 Demonite Bars
	Meteor Hamaxe	20	100%	Average	35 Meteorite Bars
	Molten Hamaxe	20	150%	Average	35 Hellstone Bars
	Cobalt Chainsaw	23	70%	Fast	10 Cobalt Bars
	Mythril Chainsaw	29	85%	Fast	10 Mythril Bars
	Adamantite Chainsaw	33	100%	Fast	12 Adamantite Bars
	Hamdrax	35	110%	Fast	Cobalt Chainsaw, Mythril Chainsaw, Adamantite Chainsaw, Cobalt Drill, Mythril Drill, Adamantite Drill, 5 Soul of Fright, 5 Soul of Might, 5 Soul of Sight