This paper reviews the current state-of-the-art surrounding macro scale machining; it discusses how these factors will influence the future development of micro and nano scale machining. The paper begins by reviewing machining theory, and then discusses high speed machining, tool wear, tool coatings, micromachining, meso machine tool design and future applications and research directions. Tool wear is a factor that determines the economy of the machining process. Therefore, an extensive part of the paper is devoted to the development of materials used to coat tools; in turn, it is anticipated these coatings will used in future micro machining applications. Consideration is also given to machine structures that are required to use these cutting tools at speeds in excess of one million revolutions per minute. This review provides a timely explanation of the literature surrounding the factors required for successful micro and nano machining.