To increase accuracy as well as productivity in CNC machine tools, Finite Element Methods (FEM) are applied to the machining operations and machine tool structures. As a result, the errors of machining operations can be analyzed and minimized in order to enhance accuracy of machined parts. Also, by analyzing the stress and deformations of the machine tool elements under actual loads, performances as well as working life of the machine tool structures can be enhanced. The study reviews the analysis and modification of CNC machine tool operations and structures using finite element methods from the recent published papers. Applications of the FEM methods in the simulation of cutting temperatures, cutting forces and energy consumption, chip formation, deflection and deformation errors of thin-walled components, and tool wear rate during machining processes are reviewed to demonstrate the capabilities of the FEM simulation in CNC machining modification. Furthermore, applications of theFEM tosimulate various machine tool components such as the bed, ball screw, spindle, and guideways are studied in order to enhance the performances of various machine tool elements such as mechanical properties in real-world working situations.In order to fill the gaps between the existing studies and published papers, innovative concepts and approaches of future research works are also suggested. Thus, the research field can be developed by reviewing and analyzing previous achievements in published research works in order to offer innovative concepts and approaches in applications of FEM techniques in modifying machining procedures and CNC machine tool structures.