Recently, there has been much scholarly research on the applications of CNTs in various fields which can be attributed to their outstanding properties. For that matter, machining processes as the backbone of manufacturing technologies have also benefited greatly from the introduction of CNTs. However, there is a lack of papers that provide a holistic overview on potential applications, which impedes focused and robust research in their application. In this work, after providing an outline of the methods used in increasing the productivity of machining processes, we will review the ways in which CNTs, known for their remarkable mechanical, chemical, electrical, and thermal characteristics, enhance the productivity of machining processes. We emphasize fit-for-purpose applications to determine the fate of CNTs use in machining processes. We examine the applications of CNTs in enhancing the mechanical characteristics of cutting tools, which include increased wear resistance, strength, and thermal conductivity, thereby extending tool life and performance. Additionally, this work highlights the application of nanofluids in MQL systems, where CNTs play a crucial role in reducing friction and enhancing thermal management, leading to reduced lubricant usage while maintaining cooling and lubrication effectiveness.