Monel-400 is a nickel-based heat-resistant superalloy (HRSA) that is primarily used in oil and marine applications. Machining Monel-400 alloy for marine applications usually involves drilling and milling operations for assembly purposes, which should meet the requirements to withstand use in salt-water environments (i.e. lower surface finish to reduce corrosion and lack of burrs for tight sealing between mating parts). However, drilling of Monel-400 alloy can be challenging due to its high strength and density, which induces thermal effects that can influence the surface and geometrical integrity of the holes. Consequently, the use of environmentally friendly cooling technologies, such as cryogenics, is an excellent alternative to mitigate these effects, something which has not been widely investigated in the open literature when drilling Monel-400 alloy. Therefore, the current study aims to investigate the machinability of Monel-400 alloy under dry and cryogenic cooling conditions. The effects of cutting parameters and the use of a cryogenic liquid nitrogen bath on the surface integrity and corrosion resistance of holes were evaluated. Additionally, cutting forces, chip formation, and corrosion performance were analyzed. The results showed that the cutting forces increased by up to 8% under cryogenic cooling. Under cryogenic conditions, reduced elastic deformation resulted in a smaller chip size. Both cutting conditions produced a smooth surface finish with a roughness value of less than 0.2 µm. Corrosion resistance was reduced under cryogenic conditions at spindle speed of 5000 rpm. The current work showcases that cryogenic cooling is recommended for drilling Monel-400 alloy used in marine applications, but care should be taken in employing optimal cutting parameters to mitigate any effects on corrosion resistance.