Cutting tools made of high-speed steel have significant economic and technological importance. To enhance their productivity, thermochemical treatments are sought to improve both surface mechanical and tribological properties. Plasma nitriding and thin film deposition are widely employed for this purpose. In this study, modifications were made to M2 high-speed steel drills through plasma nitriding at temperatures of 400°C and 450°C. Cathodic cage TiN plasma deposition was also performed, varying the dwell time at a fixed temperature of 450°C. Characterization techniques included optical microscopy, X-ray diffraction (XRD), Vickers microhardness testing, and scanning electron microscopy (SEM). Performance tests were carried out to evaluate the behavior of the drills in relation to wear when machining AISI 1020 steel. It was observed that longer deposition times promote more uniform and thicker layers, and higher nitriding temperatures result in thicker nitride layers. An increase in hardness was noticeable in all deposition and nitriding treatments, with the nitrided samples exhibiting the highest hardness. During performance tests, the cathodic cage plasma TiN deposition demonstrated greater potential for application in HSS drills, with a treatment lasting 4 h providing the best results.