The present study addresses the machinability investigation of high strength low alloy grade AISI 4340 steel with coated ceramic tools on surface roughness, tool wear, and economic analysis by considering the hard turning process parameters such as cutting speed, feed and depth of cut. Twenty seven set of trials according to full factorial design of experiments are conducted. Analysis of variance, multiple regression method, Taguchi method, desirability function approach and Gilbert’s technique are employed for parametric influence study, predictive modelling, response optimization, tool life estimation followed by cost analysis. Results indicated that feed and cutting speed are the most significant and crucial factors for hard turning operation in order to achieve minimum surface roughness of machined component as well as flank wear of cutting tool. Abrasions, adhesion followed by plastic deformation are the key wear mechanisms of coated ceramic insert, resulted 47 min of tool life under optimum cutting conditions and ensued lower total machining cost per part ($ 0.29 only) due to higher tool life, and reduced downtime that justifies cost effectiveness of hard turning. Novelty aspects, the current research work demonstrates the substitution of conventional, expensive and slow cylindrical grinding process, and proposes the most expensive CBN tool alternative using coated ceramic tools in hard turning process from techno-economical and ecological point of views in line with the industrial requirements.