The heat generated during the cutting processes significantly influences the manufacturing accuracy. For many machining tasks, the use of cooling lubricant is essential to achieve the necessary cooling and lubricating effect in the cutting zone. A reduction of a coolant supply due to resource-efficient or ecological efforts has an impact on the temperature field in the cutting tool and clamping system, which affects the thermal behavior of the frame structure and can cause its thermo-elastic deformations leading to machining inaccuracies. In this paper, the multi-phase CFD model for simulation of liquid coolant flow around the cutting tool was developed. The effect of rotation of the cutting tool causing turbulences was taken into account and the simulation of coolant flow was based in Eulerian approach as a continuous flow. Furthermore, this paper considers the modification of the simulation model for thermal simulations of the influence of coolant flow on the temperature field of the cutting tool and clamping system.