High-speed machining (HSM) has been studied for several decades and has potential application in various industries, including the automobile and aerospace industries. However, the underlying mechanisms of HSM have not been formally reviewed thus far. This article focuses on the solid mechanics framework of adiabatic shear band (ASB) onset and material metallurgical microstructural evolutions in HSM. The ASB onset is described using partial differential systems. Several factors in HSM were considered in the systems, and the ASB onset conditions were obtained by solving these systems or applying the perturbation method to the systems. With increasing machining speed, an ASB can be depressed and further eliminated by shock pressure. The damage observed in HSM exhibits common features. Equiaxed fine grains produced by dynamic recrystallization widely cause damage to ductile materials, and amorphization is the common microstructural evolution in brittle materials. Based on previous studies, potential mechanisms for the phenomena in HSM are proposed. These include the thickness variation of the white layer of ductile materials. These proposed mechanisms would be beneficial to deeply understanding the various phenomena in HSM.