In this review work, various conventional cutting fluids and their application methods have been discussed, which serve different functions such as cooling, lubrication, cleaning, and corrosion protection during the machining process. According to the available research, issues associated with the conventional ones have beenidentified concerning sustainability metrics, i.e., economic, environmental, and social dimensions. These issues necessitated shifting toward sustainable alternatives. All such alternatives have been reviewed thoroughly, which are presently practiced in the machining of steels as a workpiece. It can be concluded that these sustainable methods, i.e., dry cutting, minimum quantity cooling and lubrication, cryogenic lubricant, gas-based coolant, solid lubricant, etc, provide better machinability performance as compared to conventional ones. However, there is a need oftrade-off analysis between cost-effectiveness and sustainability for various combinations of cutting fluids and their application methods. The last section summarizes the review study and recommends prospects based on the demands and challenges ahead. Further, it can be concluded that knowledge of the cutting fluid types and their application methods with detailed efficiency and energy consumption models are critically important to make them commercially viable.