Additively manufactured steel components are gaining prominence due to their design versatility, reduced material waste, and rapid prototyping advantages. However, it is necessary to subject these parts to additional machining operations regularly because of the inherent limitations of laser-based procedures in metal additive manufacturing. This research investigates the surface mechanisms and selected tool wear indicators following the machining of additively manufactured 316   L stainless steel under different cooling conditions. Through comprehensive investigations, the hybrid cooling technique is evaluated and compared with minimum quantity lubrication and cryogenic conditions. The results demonstrate that the hybrid conditions reduce flank wear (Vb) by 54–56% and 29–34%, respectively, compared to dry and cryo cutting strategies, establishing it as a promising solution for machining additively manufactured steel components in aerospace applications. However, the microhardness on the machined surface is highest under cryogenic cooling in relation to the hybrid cutting strategy.