Advancements in digital processes and additive manufacturing technology enable the production produce complex-shaped metallic components by depositing material, layer upon layer, in precise geometric shapes. However, the additively manufactured components may still need some additional machining to meet specific requirements. With this aim, the present work deals with the machining of additively manufactured SS 316L under four different cooling environments, namely dry, flood, minimum quantity lubrication (MQL), and cryogenic carbon dioxide (CO). The tool wear, surface roughness, cutting temperature, and hardness were evaluated using various cooling methods. Additionally, residual stress was explored with the help of XRD data. The results of the experiments show that cryogenic CO performs well in terms of cooling and reduces friction between the tool and the work material, thereby reducing tool wear. Under cryogenic cooling, the surface finish was improved by 43–46%, 33–36%, and 15–17% over dry, flood, and MQL conditions, respectively.