Features of NiTiHf high temperature shape memory (SMA) alloy such as low thermal conductivity, high work-hardening tendency and superelasticity make machining operations difficult and cause high tool wear and high cutting forces. As industries move towards sustainability, it is vital to ensure the machining performance standards and energy efficiency of difficult-to-cut materials. Therefore, this study focuses on the energy consumption and in-depth analysis of machinability of NiTiHf alloy. The effects of minimum quantity lubrication (MQL) cooling and combination of both MQL + CO2 cooling on machinability measures such as tool wear, cutting forces and surface quality were evaluated for various cutting speeds. Experimental findings show that MQL + CO2 cooling reduces the cutting temperature by 30% more than MQL. MQL + CO2 was found to be the finest effective cooling technique, reducing tool wear, and specific cutting energy (SCE) and creating the best possible surface. While the surface roughness (Ra) value in MQL is half of the dry cutting condition, the roughness in MQL + CO2 is 69% less than the dry cutting condition. Even at the highest cutting speed, the effect of the MQL + CO2 cooling regime is at maximum level and the tool flank wear is 20% less than MQL.