The machinability of materials is highly affected by their hardness, and it affects power consumption, cutting tool life as well as surface quality while machining the component. This work deals with machining of annealed AISI 4340 alloy steel using a coated carbide tool under a dry environment. The microhardness of annealed and non-annealed workpieces was compared and a significant reduction was found in the microhardness of annealed samples. Microstructure examination of the annealed sample revealed the formation of coarse pearlite which indicated a reduction of hardness and improved ductility. A commercially CVD multilayer (TiN/TiCN/Al₂O₃/ZrCN) coated cemented carbide cutting tool was employed for turning quenched and tempered structural AISI 4340 alloy steel by varying machining speed, rate of feed, and depth of cut to evaluate the surface quality, machining forces, flank wear, and chip morphology. According to the findings of experiments, the feed rate possesses a high impact on surface finish, followed by cutting speed. The prominent shape of the serrated saw tooth chip was noticed at a higher cutting speed. Machined surface finish and cutting forces during turning is a function of the wear profile of the coated carbide insert. This study proves that annealing is a low-cost and economical process to enhance the machinability of alloy steel.