Stainless steel alloys are typically favored materials for a wide range of applications because of their favorable characteristics, such as high mechanical strength and superior corrosion resistance. However, processing parts made of these materials is well-known to be a challenging task for the manufacturing industry. Among the most prevalent challenges encountered during their machining are elevated cutting temperatures in the cutting zone and rapid tool wear progress. Thus, optimization of the machining conditions while processing such alloys is required. The current study investigated the effects of process parameters on the cutting temperature and flank wear during MQL (Minimum Quantity Lubrication) milling of AISI 430 ferritic stainless steel. The experiments were performed using uncoated and TiN (Titanium Nitride) coated WC (Tungsten Carbide) inserts under dry, commercial vegetable cutting fluid assisted MQL (pure MQL) and nanofluid assisted MQL conditions. Nanofluids were prepared by adding MWCNT (Multi-walled Carbon Nanotube) particles to the commercial vegetable cutting fluid at three different weight ratios. The cutting condition, MQL flow rate, nano particles weight ratio and coating condition were selected as the process parameters. All input and output data were optimized by applying the TOPSIS multi-criteria decision making method. It should be stated that nanofluid assisted MQL yielded encouraging results when compared to dry and pure MQL cutting conditions. A comparison of cutting tools performance was also undertaken and TiN coated WC insert outperformed uncoated WC insert. Based on the optimized results, the particle concentration of 1.5 wt.%, nanofluid assisted MQL, MQL flow rate of 40 ml/h and TiN coated WC insert were determined as the optimum solutions.