In the rail industry, there are four types of steel grades used for monoblock wheels, namely ER6, ER7, ER8 and ER9. ER7 steel is manufactured in accordance with the EN13262 standard and is utilized in European railway lines. These train wheels are formed by pressing and rolling after which they are machined using turning process to achieve their final dimensions. However, machining ER7 steels can be challenging due to their high mechanical properties, which can facilitate rapid tool wear and thermal cracking. Therefore, while the use of coolants is critical to improving their machinability, using conventional flood coolants adds extra operational costs, energy and waste. An alternative is to use minimum quantity lubrication (MQL) cooling technology, which applies small amounts of coolant mixed with air to the cutting zone, leaving a near-dry machined surface. In the current study, preliminary tests were undertaken under dry conditions and using coated carbide inserts to determine the optimal cutting parameters for machining ER7 steel. The impact of the cutting speed and feed rate on surface roughness (Ra), energy consumption and cutting temperature were investigated and used as a benchmark to determine the optimal cutting parameters. Next, additional machining tests were conducted using MQL and nano-MQL cooling technologies to determine their impact on the aforementioned machining outputs. According to preliminary tests, and within the tested range of the cutting parameters, using a cutting speed of 300 m/min and a feed rate of 0.15 mm/rev resulted in minimal surface roughness. As a result, using these optimal cutting parameters with MQL and Nano-MQL (NMQL) cooling technologies, the surface roughness was further reduced by 24% and 34%, respectively, in comparison to dry conditions. Additionally, tool wear was reduced by 34.1% and 37.6%, respectively. The overall results from this study demonstrated the feasibility of using MQL coolants as a sustainable machining alternative for steel parts for rail wheel applications. In addition, the current study highlight the enhanced performance of MQL cooling technology with the addition of nano additives.