The paper deals with cutting speed in range 3 m⋅min‐1 up to 2200 m⋅min‐1 and its complex impact mainly on chip macroscopic shape, chip microstructure, chip compression, tool wear, tool life and machined surface quality and interprets and compares the effects regarding low, conventional, high and very high speed machining based on the dry turning of carbon steel by sintered carbide coated by titanium nitride and ceramic cutting inserts. The deformation zone response for different cutting speeds at the tool‐chip‐workpiece interfaces and their effect on tool wear were studied. The extensive (so called complete) experiments within wide range of values and large number of measurements were carried out. The formation of secondary chip occurring in high speed turning is reported. Moreover, the paper analyses the total machining time involving tool replacement time in terms of high speed machining regarding the obtained experimental results.