There has been a substantial growth in using carbon fiber-reinforced plastic (CFRP) composite materials in aerospace and automotive industries due to their superior properties. This experimental study presents results from a comprehensive and systematic study investigating the effects of cryogenic cooling on drilling performance and surface integrity characteristics of CFRP composite material. Experimental data on cutting edge radius of drill bit, outer corner wear of drill bit, trust force, torque, delamination factor, and surface integrity characteristics, including borehole subsurface damage and diameter error of drilled hole, are presented and analyzed comparing dry drilling with cryogenic cooling of CFRP composite material. The findings demonstrate that cryogenic cooling has a profound effect on reducing the cutting edge rounding of drill bit and outer corner wear; it also helps enhancing the surface integrity characteristics of produced hole. However, cryogenic cooling generates larger thrust force, torque, and thus larger delamination factor.