Today the tool industry on a worldwide basis uses hard, wear-resistant, and low-friction coatings produced by different processes such as electrochemical or electroless methods, spray technologies, thermochemical, chemical-vapor deposition (CVD), and physical vapor deposition (PVD). In the current work, two different coatings, nitrocarburized (CN) and titanium carbonitride (TiCN) on M2-grade tool steel, were prepared by commercial diffusion and PVD techniques, respectively. Properties such as thickness, roughness, and hardness were characterized using a variety of techniques, including glow-discharge optical emission spectrometry (GD-OES) and scanning electron microscopy (SEM). A crossed-cylinders wear-testing machine was used to investigate the performances of both coatings under lubrication. The effect of coatings on the performance of lubricants under a range of wear-test conditions was also examined. Degradation of lubricants during tribological testing was explored by Fourier transform infrared (FTIR) spectroscopy.