Tool condition monitoring (TCM) is crucial in the machining process to confirm product quality as well as process efficiency and minimize downtime. Traditional methods for TCM, while effective to a degree, often fall short in real-time adaptability and predictive accuracy. This research work aims to advance the state-of-the-art methods in predictive maintenance for TCM and improve tool performance and reliability during the milling process. The present work investigates the application of Deep Learning (DL) and Reinforcement Learning (RL) techniques to monitor tool conditions in milling operations. DL models, including Long Short-Term Memory (LSTM) networks, Feed Forward Neural Networks (FFNN), and RL models, including Q-learning and SARSA, are employed to classify tool conditions from the vibration sensor. The performance of the selected DL and RL algorithms is evaluated through performance metrics like confusion matrix, recall, precision, F1 score, and Receiver Operating Characteristics (ROC) curves. The results revealed that RL based on SARSA outperformed other algorithms. The overall classification accuracies for LSTM, FFNN, Q-learning, and SARSA were 94.85%, 98.16%, 98.50%, and 98.66%, respectively. In regard to predicting tool conditions accurately and thereby enhancing overall process efficiency, SARSA showed the best performance, followed by Q-learning, FFNN, and LSTM. This work contributes to the advancement of TCM systems, highlighting the potential of DL and RL techniques to revolutionize manufacturing processes in the era of Industry 5.0.