Inconel 740, similar to other nickel-based superalloys, owing to its superior characteristics such as having high corrosion and heat resistance, can retain its mechanical and chemical properties in elevated temperature, therefore, it has extensive applications in aerospace, shipbuilding and turbine manufacturing industries. Nevertheless, very low heat transfer coefficient and high toughness, along with work hardening, can put these alloys in the category of hard-machining materials, and it may induce severe problems in increasing machining input parameters. Thereby, utilizing an appropriate cutting fluid is an indispensable part of the machining in these alloys. Making use of the cutting fluid can cause various problems, include environmental pollution, adverse effects on human health and high machining cost. Therefore, finding a way to reduce the cutting fluid consumption and a method to increase input parameters, such as cutting speed and feed rate, is of great importance in industry. In the present study, the influences of machining parameters on cutting forces, surface roughness and tool tip temperature have been investigated in two modes of cutting fluid application, flood mode and spray mode of liquid nitrogen with biodegradable vegetable cutting fluid in combination with compressed air, in order to make a dramatic reduction in the cutting fluid consumption. The results show that using liquid nitrogen in combination with spray mode of the cutting fluid and compressed air, not only can reduce the cutting forces and tool tip temperature, but also in all of the experiments, cutting fluid consumption is lower than flood mode, and it is possible to attain high cutting speeds and feed rates. It is worth mentioning that by making use of this approach it is feasible to measure temperatures via a thermal imager in order to control the machining process.