In recent times, numerical simulation techniques have been commonly used to estimate and predict machining parameters such as cutting forces, stresses, and temperature distribution. However, it is very difficult to estimate the flow stress of a workpiece and the friction characteristics at a tool/chip interface, particularly during a high-speed cutting process. The objective of this study is to improve the accuracy of the present method and simultaneously determine the characteristics of the flow stress of a workpiece and friction at the cutting edge under a high strain rate and temperature during the cutting process. In this study, the Johnson-Cook (JC) flow stress model is used as a function of strain, strain rate, and temperature. The friction characteristic was estimated by minimizing the difference between the predicted and measured results of principal force, thrust force, and shear angle. The shear friction equation was used to estimate the friction characteristics. Therefore, by comparing the measured values of the cutting forces with the predicted results from FEM simulations, an expression for workpiece flow stress and friction characteristics at the cutting edge during a high-speed cutting process was estimated.