The cutting performance of the porous polyimide material assisted by cold air trace lubrication was investigated, and the influence law of cutting process parameters on the cutting effect (cutting force, surface finish quality, and oil content) of the porous material was explored. The results show that compared with dry cutting and low-temperature cold air cutting, the cutting temperature and the machined surface roughness of cold air micro-lubrication cutting are the lowest, and the damage to the porous runner is the smallest. The depth of cut and the feed volume are the factors that have the greatest influence on milling force and surface roughness, respectively. Defects such as chip burrs and tears are the main factors that lead to the increase in surface roughness. The existence of drawing, micro-crack, stacking, and tiny debris on the workpiece surface are the main causes for the decrease in the oil content and oil delivery rate of the material. The optimal machining parameters of the porous polyimide material in the orthogonal experiment with the aid of cold air trace lubrication are vc=(100±2) mm/min, fz=(0.3±0.01) mm/r, ap=(0.8±0.1) mm (vc is the cutting speed, fz is the feeding rate, and ap is the cutting depth). With the assist of the cryogenic minimal quantity lubrication technology, the low damage processing, high oil content, and high oil delivery rate of cage products can be obtained.