Choosing the appropriate cutting tool material is essential for enhancing machining processes because it directly affects product quality, surface finish, dimensional accuracy, tool longevity, and overall efficiency. Different materials are used for cutting tools, i.e., for cutting inserts. Due to their high hardness and high temperature resistance, ceramics cutting inserts allow for increased cutting speeds, resulting in shorter manufacturing times and reduced costs, despite being pricier than traditional cemented carbide and facing certain technical challenges due to their brittleness. Alumina-based ceramics dominate the market, accounting for about two-thirds of usage, followed by silicon nitride and zirconia. This paper provides a comprehensive overview of recent advances in alumina ceramic materials used as cutting inserts, focusing on research conducted in the last five years to optimize static and dynamic mechanical and thermal properties, wear resistance, density, etc. They ways in which the properties are altered through the incorporation of whiskers, nanoparticles, or nanotubes; the modification of the structure; the optimization of sintering parameters; and the application of advanced sintering techniques are demonstrated. The paper also addresses sustainability, environmental impact, and the management of critical raw materials associated with cutting inserts, which pertains to the future development of cutting insert materials.