Tool wear in machining is inevitable, and determining the precise moment to change the tool is challenging, as the tool transitions from the steady wear phase to the rapid wear phase, where wear accelerates significantly. If the tool is not replaced correctly, it can result in poor machining performance. On the other hand, changing the tool too early can lead to unnecessary downtime and increased tooling costs. This makes it critical to closely monitor tool wear and utilize predictive maintenance strategies, such as tool condition monitoring systems, to optimize tool life and maintain machining efficiency. Acoustic emission (AE) is a widely used technique for indirect monitoring. This study investigated the use of Short-Time Fourier Transform (STFT) for real-time monitoring of tool wear in machining AISI 4340 steel using carbide tools. The research aimed to identify specific wear mechanisms, such as abrasive and adhesive ones, through AE signals, providing deeper insights into the temporal evolution of these phenomena. Machining tests were conducted at various cutting speeds, feed rates, and depths of cut, utilizing uncoated and AlCrN-coated carbide tools. AE signals were acquired and analyzed using STFT to isolate wear-related signals from those associated with material deformation. The results showed that STFT effectively identified key frequencies related to wear, such as abrasive between 200 and 1000 kHz and crack propagation between 350 and 550 kHz, enabling a precise characterization of wear mechanisms. Comparative analysis of uncoated and coated tools revealed that AlCrN coatings reduced tool wear extending tool life, demonstrating superior performance in severe cutting conditions. The findings highlight the potential of STFT as a robust tool for monitoring tool wear in machining operations, offering valuable information to optimize tool maintenance and enhance machining efficiency.