Due to its desirable mechanical properties, compacted graphite iron (CGI) has been used to replace conventional gray cast iron (CI) in various applications, such as automotive engine blocks and cylinder heads. However, the poor machinability of CGI can lead to excessive tool wear and consequently high manufacturing costs. Various strategies have been developed to improve the machinability of CGI, including optimizing machining parameters and the development of novel metalworking fluids. In this study, machining of CGI was conducted using cubic boron nitride (cBN) tools under different cutting speeds, with both soluble and full-synthetic water-based metalworking fluids at different levels of sulfur addition and water dilution. The effects of the metalworking fluids on the tool wear behavior were examined. Results showed that at 200 m/min cutting speed, the soluble metalworking fluid at 4% dilution and 0.3% sulfur compound exhibited the best performance, with a cutting distance reaching 23.8 km. In contrast, the least effective soluble metalworking fluid at 9% dilution and 0.3% sulfur compound resulted in a 28.6% decrease in the cutting distance (17.0 km) compared to the best one. At a higher speed (300 m/min), the cutting distance for all metalworking fluids dropped to less than 6.0 km, with the full-synthetic metalworking fluid showing the shortest cutting distance of 4.8 km.