Considering that iron-based super alloy is a kind of difficult-to-cut material, it is easy to produce work hardening and serious tool wear during machining. Therefore, this work aims to explore the chip change characteristics and tool wear mechanism during the processing of iron-based super alloy, calculate the fractal dimensions of chip morphology and tool wear morphology, and use fractals to analyze their change trend. Meanwhile, a new cutting tool with a super ZX coating is used for a high-speed dry turning experiment. The results indicate that the morphology of the chip is saw-tooth, and its color changes gradually, due to the oxidation reaction. The main wear mechanisms of the tool involve abrasive wear, adhesive wear, oxidation wear, coating spalling, microcracking and chipping. The fractal dimension of the tool wear surface and chip is increased with the improvement of cutting speed. This work investigates the fractal characteristics of chip morphology and tool wear morphology. The fractal dimension changes regularly with the change of tool wear, which plays an important role in predicting this tool wear. It is also provides some guidance for the efficient processing of an iron-based super alloy.