Cutting is an important process in the manufacturing industry and cutting tool is an important element in machining. It is essential to use good quality cutting tools in arrange to maintain the quality of a product. To retain the performance of cutting tool, various techniques have been utilized like cutting fluid, cutting under MQL, coating, multilayer coating, cryoprocessing, different types of surface texturing, different types of solid lubricants, etc. All these processes have a great impact to enhance the mechanical, thermal, and tribological properties in case of conventional machining process. Nowadays composite engineered materials are very successful in metal cutting industry due to its wear-related application and excellent mechanical and thermal properties. A very few research has been carried out on graphene mixed composite tool material, which has very high demand in manufacturing industries, due to its application as a cutting tool material for machining of Al, copper, or high strength carbon steel. In the end, challenges in the processing of tungsten carbide graphene mixed self-lubricated tool have been identified from the literature. In parallel, the latest improvements to enhance the properties of tungsten carbide-cobalt cutting tool with graphene mixed are reviewed.