One of the essential requirements for intelligent manufacturing is the low cost and reliable predictions of the tool life during machining. It is crucial to monitor the condition of the cutting tool to achieve cost-effective and high-quality machining. Tool conditioning monitoring (TCM) is essential to determining the remaining useful tool life to assure uninterrupted machining to achieve intelligent manufacturing. The same can be done by direct and indirect tool wear measurement and prediction techniques. In indirect methods, the data is acquired from the sensors resulting in some ambiguity, such as noise, reliability, and complexity. However, in direct methods, the data is available in images resulting in significantly less chances of ambiguity with the proper data acquisition system. The direct methods, which provide higher accuracy than indirect methods, involve collecting images of worn tools at different stages of the machining process to predict the tool life. In this context, a novel tool wear prediction system is proposed to examine the progressive tool wear utilizing the artificial neural network (ANN). Experiments were performed on AISI 4140 steel material under dry cutting conditions with carbide inserts. The cutting speed, feed, depth of cut, and white pixel counts are considered as input parameters for the proposed model, and the flank wear along with remaining tool life is predicted as the output. The worn tool images were captured using an industrial camera during the turning operation at regular intervals. The ANN training set predicts the remaining useful tool life, especially the sigmoid function and rectified linear unit (ReLU) activation function of ANN. The sigmoid function showed an accuracy of 86.5%, and the ReLU function resulted in 93.3% accuracy in predicting tool life. The proposed model’s maximum and minimum root mean square error (RMSE) is 1.437 and 0.871 min. The outcomes showcased the ability of image processing and ANN modeling as the potential approach for developing a low-cost industrial tool condition monitoring system that can measure tool wear and predict tool life in turning operations.