Dry cutting is an effective method to realize the concept of green cutting today. However, in the process of cutting bearing steel, the high temperatures and high pressures produced by the cutting tool and chip under dry friction seriously affect the machining performance of the tool. Therefore, a bionic microstructure tool based on bionics is proposed to improve the cutting performance and reduce friction by changing the size parameters of the microstructure. On the basis of finite element simulation and cutting tests, the cutting force, surface roughness, and chip shape are used to evaluate the cutting performance. It is found that composite bionic micro-textured tools have a significantly reduced cutting force compared with non-micro-textured tools; composite bionic micro-textured tools lead to a reduction in surface roughness of 10–25%; and composite bionic micro-textured tools are more prone to enhancing the curling and breaking of chips. In addition, with the increase in the microstructure area occupancy, the cutting performance of the tool was also significantly improved. Moreover, it was found that the cutting performance of the tool was improved when the area occupancy of the micro-texture on the front face of the tool was increased.