The article describes the investigation of the properties of the Cr,Mo-(Cr,Mo)N-(Cr,Mo,Al)N multilayer composite coating. For the coated sample, the adhesion component fadh of the coefficient of friction increases almost linearly with an increase in temperature from 500 to 700 °C. Then, with a further rise in temperature up to 800 °C, the growth of fadh slows down significantly, and when the temperature rises from 800 to 1000 °C, fadh begins to decrease noticeably. The studies deal with the cutting properties of carbide tools with the coating under study during the cutting of corrosion-resistant AISI 321 at various cutting speeds. The wear pattern on the coating during the cutting was considered. An diffusion layer with the thickness of 20–40 nm was detected during the studies of the elemental and phase compositions in the region of the “tool material–coating” interface. In this layer, the studies revealed the active diffusion of Fe and other steel components into the coating, as well as the diffusion of Mo from the coating into the material being machined in combination with oxidation processes. It was found that during the cutting with the coated tool, the thickness of the diffusion layer was 10–15 times lower compared to that in the uncoated tool. While a certain content of oxygen is detected in the layers on the coating surface, no active formation of the oxides of Al2O3, MoO3, and Cr2O3 was revealed, and the formation of a noticeable amount of Fe2O3 was found in the layers of the material being machined adjacent to the coating surface.