This paper concerns the tool wear in hard turning of AISI 52100 hardened steel by means of PCBN tools. The purposes of this work are the development of a tool wear model and its implementation in a FEM-based procedure for predicting crater and flank wear progression during machining operations for studying the influence of tool wear on the process in terms of tool geometry modifications and stress variation on the tool. The developed tool wear model, able to update the geometry of the worn tool as a function of the wear rate, has been implemented in the utilized Deform 2D FEM software. This new analytical model differs from the already proposed methods of existing research, since it concerns both crater and flank wear evaluation. The validation of the model has been achieved by the comparison between experimental and simulated wear parameters. For doing this, an extended experimental campaign has been accomplished. The comparison results have shown good agreement. Once validated, the FEM strategy has been utilized for examining the influence of tool wear on the effective rake angle and the related tool stresses, individuating the excessive positive rake angle value as the final tool breakage mechanism.