In industrial production, effectively predicting the remaining useful life (RUL) of cutting tools can avoid overuse or underuse, which is of great significance for ensuring the processing quality of products and reducing enterprises’ production costs. This paper proposes a new method for RUL prediction of cutting tools based on robust empirical mode decomposition (REMD) and capsule bidirectional long short-term memory (Capsule-BiLSTM) network to improve accuracy. On one hand, new state features are extracted using REMD as the input of the deep learning network. On the other hand, a Capsule-BiLSTM network structure is designed to achieve RUL prediction of cutting tools by connecting the four layers. Finally, the effectiveness of the proposed method is verified by a series of cutting tool life tests. Comparison with some mainstream methods indicates that the proposed method has more advantages in RUL prediction of cutting tools with the average accuracy reaching up to 93.97%.