In this study, the effect of mechanical properties and cutting parameters (Cp) on the machinability of AISI 5140 steel cooled at high cooling rates after hot forging was investigated. The microstructural examinations and hardness measurements of the as-received AISI 5140 steel and the workpieces cooled in the oil and polymerized water after hot forging were performed. Turning process was conducted by using a coated ceramic tool at five different cutting speeds (Vc) (120, 150, 180, 210, and 240 m/min), four different feed rates (fn) (0.04, 0.08, 0.12, and 0.16 mm/rev), and four different depths of cut (ap) (0.4, 0.6, 0.8, and 1 mm) under dry machining conditions. SEM examinations of the cutting tools were also performed. It was seen from the results that the changing microstructure and hardness values had a significant effect on cutting forces (Fc) and surface roughness (Ra) from the Cp depending on cooling rate. While the highest Fc were reached in the workpiece with the highest hardness cooled in the polymerized water after hot forging, the lowest surface roughness (Ra) was obtained in the same workpiece.