Coatings are now frequently used on cutting tool inserts in the metal production sector due to their better wear resistance and heat barrier effect. Protective hard coatings with a thickness of a few micrometers are created on cutting tools using physical or chemical vapor deposition (PVD, CVD) to increase their application performance. Different coating materials are utilized for a wide range of cutting applications, generally in bi-or multilayer stacks, and typically belong to the material classes of nitrides, carbides, carbonitrides, borides, boronitrides, or oxides. The current study examines typical hard coatings deposited by PVD and CVD in the corresponding material classes. The present state of research is reviewed, and pioneering work on this subject as well as recent results leading to the construction of complete “synthesis–structure–property–application performance” correlations of the different coatings are examined. When compared to uncoated tools, tool coatings prevent direct contact between the workpiece and the tool substrate, altering cutting temperature and machining performance. The purpose of this paper is to examine the effect of cutting-zone temperatures on multilayer coating characteristics during the metal-cutting process. Simplified summary and comparisons of various coating types on cutting tools based on distinct deposition procedures. Furthermore, existing and prospective issues for the hard coating community are discussed.