In wet cutting, lubricants are used to improve lubrication, forced cooling and chip evacuation. In particular, improving the lubrication between the tool and the chip results in a lower coefficient of friction, suppressing the tool temperature change and improving the cutting properties. For this reason, tools coated with DLC (Diamond Like Carbon) or diamond have been developed to further reduce the coefficient of friction. However, the tool life is still not sufficiently long. Therefore, in this study, a cutting fluid for polishing tools during cutting was developed and evaluated. First, using the author's previous research, the function, effect and influence of several cutting fluids on milling were identified. Secondly, a new criterion for determining tool life was defined and, based on this criterion, a cutting fluid was proposed to polish the tool during the cutting process. Next, the machining conditions under which the proposed cutting fluid would be effective were identified. Finally, the cutting properties of the proposed cutting fluid were evaluated. The results showed that (1) the cutting fluid was developed to polish the tool during the cutting process and the optimum machining conditions were clarified, (2) the proposed cutting fluid was very effective in increasing the tool life.