Based on loads analysis and failure analysis for high speed face milling cutter with indexable inserts, the failure criterion of cutter was propounded, and the finite element model of cutter was established. By means of modal analysis and stress field analysis, the law of influence of the structure and elements of cutter on the safety of cutter was acquired, high speed face milling cutter for machining aluminum alloy was developed. According to ISO15641 international standard, safety prediction of cutter and experiments were completed. The results indicate that rigidity failure rotational speed is higher strength failure rotational speed of high speed face milling cutter, connection strength between cutter body and screw bolt affects directly the safety rotational speed of cutter. High speed face milling cutter for machining aluminum alloy possesses higher safety and better dynamic milling performance as cutting speed is less than 2820m/min.