The physical simulation of high-speed cutting (HSC) is a hot research in cutting field. Dynamic physical simulation is the key technical difficulty of physical simulation. It can afford the machining process parameters quickly and efficiently, such as cutting stress, cutting temperature, tool wear etc., which have important academic and practical value. The cutting theoretical mathematical model based on the elastic-plastic mechanics and tribology was built up. The two-dimensional / three-dimensional (2D/3D) HSC dynamic physics simulation models were built up by the finite element method. The stress, thermal distribution and tool load etc. during the high speed machining (HSM) was obtained. These parameters provided key technical basis for the establishment and optimization of HSM parameters. They can save much machining experiments cost and improve the processing efficiency.