The present study is focused on exploring the use of air-assisted electrical discharge machining (AAEDM) of high carbon high chromium die steel. One of the notable drawbacks of conventional EDM machining is low material removal rate (MRR). So, there is a critical need to evolve a method that can increase the MRR of conventional EDM process. This experimental study is focused on the use of compressed air in die sinking EDM, under controlled machining conditions to evaluate MRR. The influence of process parameters, viz., discharge current, pulse on time, duty cycle, tool rotation and discharge air pressure, on MRR has been investigated. ANOVA has been performed to select the significant factors affecting MRR. An effort has been done to establish a semi-empirical model to predict MRR in AAEDM process of high carbon high chromium die steel using dimensional analysis. The experimental and predicted values through semi-empirical model are found to be in accord with each other. The surface morphology analysis has been performed by using scanning electron microscope for machined specimens. The energy-dispersive X-ray spectrometer analysis has been used to investigate the material removal mechanism in AAEDM process.