Polycrystalline cubic boron nitride (PCBN) is an ultrahard cutting tool material with the advantageous characteristic of high hardness, high chemical inertness, and high thermal stability, and has been widely used for machining mechanical parts in automotive, aerospace, and energy industries. The main wear forms and their causes of PCBN cutting tools were analyzed. The main factors affecting tool wear and life were summarized from three aspects: tool material constitution and geometry, workpiece material, and cutting conditions. Finally, the methods of application of cutting parameter optimization and coating for improving the tool wear resistance and tool life are introduced.