In recent years, advancements in the field of nanotechnology have actively been reflected in the manufacturing industry, particularly in the production of aviation components, ships, and medical devices. However, titanium alloys have low thermal conductivity, making them difficult to cut at high temperatures. The traditional processing method is not only inefficient, but can also cause serious harm to the environment and operators. In this paper, multi-walled carbon nanotubes were used as additives to disperse into degradable vegetable oil as a green cutting fluid. This green cutting fluid was cooled to analyze the processing of a titanium alloy (LN2 + Nano-MQL (0.6%)). Cutting experiments were carried out under dry, MQL, LN2, LN2 + MQL, and LN2 + Nano-MQL (0.6%) conditions. The temperature of the machining area, tool wear process, tool wear mechanism, surface roughness, and surface morphology were studied. The results show that the cutting-zone temperature is reduced by 65.1%, the tool life is prolonged by 30%, and the surface roughness is reduced by 48.1% under LN2 + Nano-MQL (0.6%) in comparison to the dry condition. The cutting environment supported by MQL is conducive to inhibiting the formation of craters. Element detection confirmed that the tool coating was well protected under the condition of LN2 + Nano-MQL (0.6%). In addition, the tool nose wear is small under the LN2 + MQL and LN2 + Nano-MQL (0.6%) conditions.