Jeremiah's knife functions as a hunting knife and has a large number of uses. It can be used for harvesting guts, hides, and meat from animal carcasses, it can be used to harvest materials such as cloth and tinder plugs, and it can be used to clear frozen ice fishing holes for ice fishing.
Jeremiah's knife can also be used to craft certain items at a work bench.
Jeremiah's knife can currently only be repaired using a whetstone as part of the bladed tool maintenance gameplay mechanic and requires no material input. However the whetstone itself cannot be repaired and loses 5% condition per repair (for a total of 20 uses), compared to 3% or so of condition restored. It is not a permanent solution and at some point an alternative will be needed.