In this study, titanium and niobium element powders in determined amounts (0.25 and 0.5 wt%) were added into the 316L stainless steel matrix by means of powder metallurgy (PM) technology, either singly or in pairs, and the desired composition was obtained as a powder mixture. The powders used in the study were cold pressed tensile sample molds prepared in ASTM 8 M standards, unidirectionally cold pressed under 700 MPa compression pressure and formed into blocks. After pressing, the raw strength samples were sintered in an atmosphere-controlled tube furnace at 1325 °C for 2 h in an argon atmosphere. The microstructure and mechanical properties of the produced PM steels were characterized by optical microscope, SEM, EDS, and tensile test. The results showed that the stainless-steel samples with 0.25(Ti–Nb) added composition to 316L stainless steel had the highest yield strength and tensile strengths. However, with the addition of 0.5Ti, 0.5Nb, and 0.5(Ti–Nb) to 316L stainless steel, a decrease was observed in the mechanical properties. Moreover, the MQL machining is better on the machining output such as surface roughness and cutting temperature than dry machining in terms of a sustainable machining process.