Enhancing the performance of cutting tools is an important factor in reducing production costs. Cutting tools are subjected to processes such as heat treatment and coating in order to improve their performance. Cryogenic treatment, which is also known as sub-zero heat treatment, has made significant contributions to the improvement of wear resistance, tool life, dimensional integrity, and product quality of cutting tools. The mode of application of cryogenic treatment and the type of cutting tool both affect tool performance. Therefore, it is necessary to examine the way cryogenic treatment is applied to cutting tools and its effects on their performance. This study reviews the literature on the performance of cryo-treated cutting tools.