Lightweight materials are finding plentiful applications in various engineering sectors due to their high strength-to-weight ratios. Hole-making is an inevitable requirement for their structural applications, which is often marred by thermal damages of the drill causing unacceptable shortening of tool life. Efficient cooling of the tool is a prime requirement for enhancing the process viability. The current work presents a novel technique of cooling only the twist drill between drilling of holes with no effect of the applied cryogenic coolant transferred to the work material. The technique is applied in the drilling of two commonly used high-strength lightweight materials: carbon fibers reinforced polymer (CFRP) and an alloy of titanium (Ti-6Al-4V). The efficacy of the cooling approach is compared with those of conventionally applied continuous cryogenic cooling and no-cooling. The effectiveness is quantified in terms of tool wear, thrust force, hole quality, specific cutting energy, productivity, and consumption of the cryogenic fluid. The experimental work leads to a finding that between-the-holes cryogenic cooling possesses a rich potential in curbing tool wear, reducing thrust force and specific energy consumption, and improving hole quality in drilling of CFRP. Regarding the titanium alloy, it yields a much better surface finish and lesser consumption of specific cutting energy.