Tool wear is a serious problem, and a short service life is a challenge in cutting-processing. Following the development of the modern manufacturing industry, titanium alloys, high-temperature alloys, and other difficult-to-machine materials have been adopted widely. However, these materials exhibit low thermal conductivity and small deformation coefficients among other characteristics, resulting in a high cutting force and cutting temperature, tool wear, and serious problems in cutting, thus considerably shortening the service life of the tool and affecting the machining surface quality. Following the advancement of science and technology, green cutting technology is widely used in the modern manufacturing industry, thereby increasing demand in the cutting tools field. Therefore, the use of cutting fluid in the cutting process, which not only improves the lubrication effect of the cutting process, but also reduces tool wear and improves the machining surface quality and performance has been considered. However, the large amount of cutting waste fluids causes environmental pollution and has a serious impact on the operator's health. Therefore, to better respond to green manufacturing and achieve sustainable development, surface coating technology is applied to tool surface coatings with high hardness, high abrasion resistance, and other properties of hard coating materials and solid lubricating materials with a low coefficient of friction (soft coatings). These act as a chemical and thermal barrier to avoid direct contact between the tool and workpiece, reducing the friction and interaction between the tool and workpiece to enhance the tool's oxidation resistance, anti-adhesion properties, and resistance to abrasive wear, thereby extending the tool life and improving the cutting tool performance. In addition, through the principle of friction biomimicry, surface texturing technology is used to place micro-textures on the rake or flank face of the tool, similar to the surface texture of certain natural living creatures, which can improve the friction behavior of the tool-chip contact surface and the tool-workpiece contact surface, enhance the cutting ability of the tool, and improve the suitability of the tool for green cutting. Therefore, this review summarizes research related to the simultaneous placement of micro-nanotextures and coatings on tool surfaces during cutting operations. First, the preparation technology related to the simultaneous placement of the texture and coating on the tool surface is introduced. Second, the mechanism underlying tool action after the simultaneous placement of the texture and coating on the tool surface is analyzed and summarized, which primarily encompasses three aspects in the current study: (1) the texture on the tool surface can improve the adhesion performance of the coating on the tool substrate surface, (2) the texture and coating influence lubrication performance, and (3) the placement of the texture reduces the length of the tool-chip contact. The review focuses on summarizing the wear resistance, bond resistance, and service life of the tool in the cutting process, as well as the changes in cutting force, cutting temperature, and friction coefficient of the tool-chip contact interface in the cutting process after texture and coating are simultaneously performed on the tool surface, and assessing the related influencing mechanisms. The simultaneous placement of textures and coatings on tool surfaces was found to be widely used in green cutting technology, machining of difficult-to-machine materials, and high-speed cutting technology. Based on this, the direction of future development and application prospects of micro-nano texture coated tools are discussed. This review can be used as a basis for more in-depth research on the mechanism underlying micro-nano texture coated tools and their properties, as well as to inspire subsequent research on the simultaneous placement of other shapes of micro-nano textures on the tool surface and the superior performance of multi-composite coatings, gradient coatings, multi-composite nano-coatings, super-hard coatings, and soft-hard composite coatings.