To improve the tool lubrication performance and reduce the use of cutting fluid as much as possible, a new type of tool with continuous lubrication on the tool-chip contact interface has been fabricated. The atomized cutting fluid can be directly delivered to the tool-chip contact interface through the inner microchannel. Experiments were conducted on the new lubrication method, dry cutting, and traditional MQL cutting of 45 steel. The three-dimensional cutting forces and the cutting temperatures were measured. The wear surface of the rake face was analyzed through SEM micromorphology and EDS element detection. The results showed that the main cutting force of the tool with continuous lubrication at the tool-chip interface decreased by 14.5% and 5.9% compared with the conventional tools of dry cutting and MQL cutting. Moreover, the friction coefficient decreased by 14.2% and 9.8%, the length of the tool-chip contact interface decreased by 35.4% and 19.1%, and the amount of cutting fluid was only 1/10 of that in MQL cutting. The new lubrication method had better cutting fluid penetration and lubrication film formation performance than the traditional MQL method on the tool-chip interface. Furthermore, the surface wear of the new lubrication method was significantly reduced, and the main wear form of the new lubrication method was adhesive wear.