In this study, performance of cryogenically treated M35 high speed steel (HSS) twist drills in drilling of AISI 304 and 316 stainless steels was evaluated in terms of thrust force, surface roughness, tool wear, tool life, and chip formation. To present the differences in tool performance between untreated and treated drills, and machinability between AISI 304 SS and AISI 316 SS, a number of experiments were performed at different combinations of cutting speed, and feed rate. As the results of the conducted experiments, the treated drills showed better performance than untreated drills in terms of thrust force, surface roughness, and tool wear and tool life for both types of stainless steels. Tool lives of treated HSS drills in drilling of AISI 304 SS and AISI 316 SS improved 32% and 14%, respectively, when compared with untreated drills. Experimental results also showed that machinability of AISI 304 SS was harder than the machinability of AISI 316 SS.