AISI 4340 is a medium-carbon low-alloy steel that has gained distinctive attention due to its advanced properties including high strength, high toughness, and heat resistance. This has led to its commercial usage in a wide variety of industries such as construction, automotive, and aerospace. AISI 4340 is usually machined in a hardened state through a hard-turning process, which results in high heat generation, accelerated tool wear, low productivity, and poor surface quality. The application of high-speed machining helps improve the material removal rate and surface finish quality, yet the elevated temperature at the cutting zone still poses problems to the tool’s lifespan. Apart from using advanced cutting tool materials, which is costly, researchers have also explored various cooling methods to tackle the heat problem. This paper presents a review of a sustainable cooling method known as minimum quantity lubrication (MQL) for its application in the high-speed turning of AISI 4340 steel. This study is centered on high-speed turning and the application of MQL systems in machining AISI 4340 steel. It has been observed that the hard part turning of materials with a hardness exceeding 45 HRC offers advantages such as improved accuracy and tighter tolerances compared to traditional grinding methods. However, this process leads to increased temperatures, and MQL proves to be a viable alternative to dry conditions. Challenges in optimizing MQL performance include fluid penetration and lubrication effectiveness.