Various types cooling/lubrication techniques are used in machining processes for enhancing machining performances. Conventional way of cooling/lubrication requires higher coolant cost, waste and disposal cost. Not only has that it had many negative impacts on environment and operators health. For attaining highest efficiency of cutting fluids with minimum quantity, different sustainable strategies are tried to develop. In recent decades researchers are worked out on different cooling/lubrication strategies alternative to conventional cooling. This paper represents a comprehensive review of all presently practiced cooling/lubrication strategies and their effects on different aspects such as surface quality of machined component, tool wear, tool life, cutting temperature, cutting forces etc. through analyzing selected papers. The influence of different cutting fluids such as solid lubricants, nanofluids, ionic liquids etc. with their positive and negative impacts is also discussed. The research gaps are also identified for further research works. From review it is clear that the machining performance is highly affected by cooling techniques and coolant types. Selection of proper cooling technique with suitable cutting fluids depends on work material, tool material and cutting variables.