Machining of carbon fiber-reinforced polymer (CFRP) is a rather hard task due to the inhomogeneity and anisotropy of this material. Several defects occur in the material when CFRP is machined and machining quality deteriorates owing to these material properties. In recent years, liquid nitrogen has been considered an environmentally safe, clean, and non-toxic coolant used to cut various materials in order to enhance machinability and prevent damage during machining. In this study, a new, eco-friendly cryogenic machining technique called dipped cryogenic machining was applied for the drilling of CFRP. This experimental study investigated the effect of feed rate and drill diameter on the thrust force, delamination factor, surface quality and drill wear. Machined surfaces were analyzed in detail using a scanning electron microscope and atomic force microscope. Results indicated that the drilling of CFRP with the dipped cryogenic machining approach greatly improved machinability by reducing the surface roughness of the drilled parts and tool wear. However, it increased the thrust force and delamination factor.