This study investigates the dry and near-dry electrical discharge machining (EDM) milling to achieve a high material removal rate (MRR) and fine surface finish for roughing and finishing operations, respectively. Dry EDM uses gas and near-dry EDM applies a liquid-gas mixture as the dielectric medium. Experimental studies leading to the selection of oxygen gas and copper electrode for high MRR dry EDM and the nitrogen-water mixture and graphite electrode for fine surface finish near-dry EDM are presented. Near-dry EDM exhibits the advantage of good machining stability and surface finish under low discharge energy input. A fractional factorial design is applied to investigate the effect of discharge current, pulse duration, and pulse interval on the MRR and surface finish in dry and near-dry EDMs. Lower pulse duration and lower discharge current are identified as key factors for improving the surface finish in near-dry EDM.