Implementing a magnetic field on the cutting area during the machining process is one of the ways to increase tool life, as a result, reducing the machining cost. Due to this, numerous researchers conducted various studies in that field. However, there was no study which used a permanent magnet tool has been found. In this study, the effects of a permanent magnet cutting tool on tool life have been investigated extensively with a designed experimental setup. Experiments were conducted on the CNC turning machine with a permanent magnet HSS cutting tool in this study at a cutting speed of 51 m/min, feed rate of 0.1125 mm/rev and with a depth of cut of 1 mm. Significant deduction was obtained in flank wear and cutting force. The wear of the permanent magnet HSS tool was 50% less than the HSS tool without a magnetic field. It has been determined that the cutting force in the cutting process with the tool without an applied magnetic field was approximately 10.4% more than the permanent magnet tool. It was also observed that higher temperature and longer comma shape chips occurred in the cutting process using a permanent magnet tool.