<p>Nickel-based superalloys exhibit poor machinability, leading to severe tool wear, unsatisfactory surface finish, and low processing efficiency. To address the existing issues, fullerene C60 nanofluid cutting fluid is used during the milling of nickel-based superalloys to improve cutting performance and clarify the metal processing mechanisms under various lubrication conditions. A thermodynamic coupling modelling method for milling, considering the friction reduction and cooling effects of minimum quantity lubrication (MQL), is proposed. According to the theory of oblique cutting and the imaginary heat source method, a differential unit model of cutting force and temperature was constructed. The model divides the cutting process into multiple small units, each of which generates cutting force and heat under the action of the cutting tool. In these units, the shear flow stress is calculated through the Johnson–Cook material constitutive model, which comprehensively considers the residual stresses caused by mechanical and thermal stresses. To demonstrate the accuracy of the established model, a series of milling experiments was performed to evaluate the cutting force, temperature, and residual stress under different lubrication modes. The experimental results indicate that, compared to dry cutting, flood cooled lubrication, and MQL, using C60 nanofluid minimum quantity lubrication (NMQL) can significantly reduce surface residual stress, with reductions of approximately 41.6%, 28.1%, and 19.6%, respectively. Experimental results have suggested that the model can accurately predict the residual stress distribution under the C60 NMQL condition, with an average prediction error controlled at 9.9%. Moreover, the establishment of this model provides theoretical support for the effective control of surface residual stress during milling and has far-reaching significance for the optimization of processing technology and the improvement of workpiece quality.</p>