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In this research work the wear behavior of different set of experiment are carried out on HMT lathe. Cutting tool flank wears are measured using tool maker’s microscope of resolutionof 0.01mm. The experimental tests are carried out with variation of different machining parameters speed,feed,depth of cut. The effect of cutting speed feed depth of cut on the selected machinability criteria such as tool wear and surface finish are analyzedgraphically. This research investigation also highlightsthe merits and demerits of the utilization of coated carbide inserts i.e.CCMT09T308PM4225 and DNMX150608WM1525 during machining of E0300 alloy steel during dry and wet conditions. This research work will be more helpful to the future researchers, modern manufacturing engineers and allied industries.