In the mold machining process, the cutting tool is worn with machining time, thereby affecting the surface accuracy, leading to poor workpiece dimensions, even fracture. At present, many studies have used multiple sensors to detect the machining conditions of cutting tool and workpiece, including indirect measurement method and direct measurement method. The indirect measurement method, which has been studied widely, mainly uses sensors to capture signals for subsequent data analysis; the direct measurement method mainly analyzes the state of cutting shear zone. Due to the cut-in of cutting tool in the machining process, the workpiece is dislocated rapidly, generating considerable amount of heat, which is transferred to the chips, inducing color change on the surface of chips. Many engineers with machining experience often judge the machining state and tool life according to the chips. The engineers' experience is digitized in this study, and indirect measuring sensors are used to predict the tool life, so as to attain the objective for smart manufacturing, the average percentage error of MAPE using single vibration and voltage eigenvalues as input features is 10%, the voltage signal characteristic values and vibration signal characteristic values are combined. Finally, the chip surface chromaticity eigenvalue is combined with signal characteristic value. The average prediction error of BP-LM method is 7.85%, the average prediction error of GRNN method is 6.59%. Therefore, when the eigenvalue of chip surface chromaticity is added to the prediction result, it can enhance the accuracy of cutting tool wear value prediction more effectively than single sensor signal characteristic value.