<p>Industries and researchers are increasingly seeking alternatives to traditional cutting fluids, driven by the hazardous chemicals they contain and growing concerns about their ecological and health impacts. This shift is further driven by stringent environmental regulations and economic pressures. In this context, the minimum quantity lubrication (MQL) technique has emerged as a promising alternative to environmentally restricted wet (flooded) machining practices. This paper presents a comprehensive review of research articles that explore the sustainability characteristics of MQL systems, focusing on their performance in comparison with dry and wet machining environments. It critically examines advancements in machining performance enabled by MQL, highlighting key areas of improvement such as the use of cost-effective cutting tool materials, optimized cooling/lubrication conditions, and enhancements in output metrics like surface roughness, tool wear, cutting force, power consumption, chip morphology, and cutting temperature. Additionally, the article introduces several sustainability evaluation approaches for machining operations, including a novel method—the life cycle assessment sustainability framework—which has not been addressed in previous reviews. By consolidating research progress and identifying opportunities for further development, this study aims to promote the adoption of MQL as a sustainable alternative to conventional wet machining practices.</p>