The cutting parameters in drilling operations are important for high-quality holes and productivity improvement in any manufacturing industry. This study investigates the effects of spindle speed and feed rate on temperature, surface roughness, hole size, circularity, and chip formation during dry drilling of gray cast iron ASTM A48. The results showed that the temperature increased as spindle speed and feed rate increased. The surface roughness had an inverse relationship with the spindle speed and direct relation with the feed rate. Furthermore, hole size increased with increased spindle speed and decreased as the feed rate increased, while hole circularity decreased with increasing both the spindle speed and feed rate. The analysis of variance (ANOVA) indicated that the spindle speed had the highest percentage contribution of 56.24% on temperature, followed by the feed rate with 42.35%. The surface roughness was highly influenced by the feed rate and the spindle speed with 55% and 44.12%, respectively. While the hole size was highly influenced by the feed rate with a 74.18% percentage contribution, and the contribution of spindle speed was 21.36%. In addition, the feed rate has a percentage contribution of 70.82% on circularity, which is higher than the spindle speed of 24.26% percentage contribution. The results also showed that thick and discontinuous chips were generated at higher feed rates, while long continuous chips were produced at high spindle speeds.