This paper investigates a new process of wire electrical discharge machining (WEDM) as gas-liquid combined multiple cut. High-speed WEDM (HS-WEDM) finishing was compared in atmosphere and emulsion. Dry finishing has shorter discharge gap, better straightness and surface roughness and much higher material MRR than that in emulsion. Influences of wire winding speed and no load worktable feed on machined surface quality in dry and wet conditions were discussed. The better straightness obtained in gas is explained by analyzing forces acting on wire electrode. When first cut and second cut were performed both in emulsion liquid, and third cut was done in atmosphere, the surface roughness is improved compared with conventional WEDM.