Microhole fabrication via micropunching is a challenging operation within the framework of micromanufacturing. The dimensional accuracy of the fabricated microholes is directly affected by wear formation on the micropunch surface. Therefore, the punching shot count must be carefully determined during process design, taking into account the wear-induced degradation of the tool. In conventional micropunching operations, hard materials such as tungsten carbide and cobalt (WC/Co) based materials are commonly used to manufacture micropunches. However, even with such hard materials, tool wear significantly limits the number of effective punching shots. In this study, near-net shape microholes were fabricated in commercially pure titanium workpieces using WC/Co micropunches, and the wear progression of the micropunch was monitored with respect to punching shot count. The results showed that the WC/Co micropunches maintained acceptable wear levels and dimensional accuracy up to approximately 1250 shots. To further extend the service life of the micropunches, multiwalled carbon nanotube (MWCNT) coatings were applied to the working region of the WC/Co micropunches. The micropunching process was then repeated under the same conditions. According to the experimental results, the MWCNT coating effectively extended the service life, increasing the acceptable punching shot count to approximately 1425 shots, while maintaining dimensional accuracy and minimizing wear loss. This improvement is attributed to the self-lubricating properties of the MWCNTs, which formed a protective layer or transfer film at the contact interface, owing to their inherent graphitic structure.