Hybrid stack drilling is a very common operation used in the assembly of high-added-value components, which combines the use of composite materials and metallic alloys. This process entails the complexity of machining very dissimilar materials, simultaneously, on account of the interactions that are produced between them, during machining. This study analyzed the influence of Minimum Quantity Lubrication (MQL) on the performance of diamond-coated carbide tools when drilling Ti/carbon fiber reinforced plastics (CFRP)/Ti stacks. The main wear mechanism observed was diamond-coating detachment, followed by fragile breaks in the main cutting-edge. The tests done with the lower lubrication levels have shown an important adhesion of titanium (mainly on the secondary cutting-edge) and a higher friction between the tool and the workpiece, producing higher temperatures on the cutting region and a thermal softening effect on the workpiece. These phenomena affect the evolution of cutting power consumption with tool wear in the titanium layer. Regarding the quality of the test specimen, no significant differences were observed between the lubrication levels tested.