Inconel 718 is widely used in many applications specifically in the aerospace and nuclear industry due to its superior properties in strength, hot hardness, and thermal and corrosion resistance. However, it is classified as difficult-to-cut material due to its extreme hardness that led to high cutting forces and temperature which further worsened by its strain hardening effect. Thus, it is crucial to analyze the different types of wear mechanisms and failure modes, to analyze causes, and also to understand how cutting parameters affect the wear mechanisms and failure modes. The study is conducted with PVD TiAlN-NbN coated inserts with varying cutting speeds (40, 60, and 80 m/min) and varying feed/tooth (0.7, 0.1, and 0.13 mm/tooth) under the wet condition of face milling. The flank wear progression and length of cut were measured and recorded to study the tool life against length of cut. The tool wear and failure modes of inserts were observed under the optical microscope and SEM/EDX. Results showed that cutting speed has a major effect on the tool failure as compared to feed/tooth. At low speed, the dominant tool failures were macro-chipping due to the severe BUE (built-up edge)/BUL (built-up layers) formation. At higher speeds, the dominant tool failures were flaking and notching which led to the sudden tool breakage. At low feed/tooth, the dominant failures were flaking and macro-chipping, but notching and tool breakage became dominant at higher feed/tooth. Moreover, it is found that the main wear mechanisms which contributed to the tool failures were adhesion, abrasion, thermal and mechanical cracks, diffusion and oxidation wear.