AISI 5140 steel is an alloy frequently used in the manufacturing and automotive industries. This steel alloy is shaped using different manufacturing methods and cooling is required during this process. This research study included the milling of AISI 5140 steel utilizing various cutting settings and cooling/lubrication procedures. For this purpose, two cutting speeds (75–100 m/min), two feed rates (0.075–0.100 mm/rev), and four cooling media (dry, MQL, flood, nanofluid) were used. Then, 5% Mo nanoparticles were added to the nanofluid cutting fluid. Machinability and power consumption analyses were carried out using the input parameters selected in light of the manufacturer’s recommendations and studies in the literature. The effects of sustainable cutting fluids and their parameters on machinability and power consumption were investigated through experiments. This study concluded that the use of nanofluid led to improvements in surface roughness, flank wear, and power consumption characteristics. It was determined that the flood environment is the most effective in reducing the cutting temperature. As a result, it is predicted that nanofluid cutting fluids can be used during machining.