<p>Carbon fiber-reinforced composites have excellent characteristics such as fatigue resistance, impact resistance, and high specific strength, and are widely used in aerospace, wind power energy, and other fields. However, their anisotropy and poor thermal diffusivity can lead to matrix breakage, thermal damage on the machined surface, and tool clogging. These defects can seriously compromise the service reliability of the material. To solve the above problems, cooling technology for carbon fiber-reinforced composites has received extensive attention. In this paper, the currently prevalent cooling media—namely, coolant cooling, cold air cooling, and ultra-low temperature cooling—are systematically reviewed, and their respective applications in carbon fiber-reinforced composites are discussed. Firstly, the cooling principles of various cooling media are introduced. Subsequently, the effects of different cooling media on the machining properties of carbon fiber-reinforced composites are stated based on machining force, temperature, and surface quality. In addition, the effect of the cooling media on tool wear is discussed. Finally, the significant advantages and challenges of various types of cooling media in carbon fiber-reinforced composite machining are compared and analyzed.</p>