The objective of this paper is to assess the correlation of volumetric tool wear (VTW) and wear rate of carbide tools on the material removal rate (MRR) of titanium alloys. A previously developed methodology for assessing the worn tool material volume is utilized for quantifying the VTW of carbide tools when machining Ti–6Al–4V. To capture the tool response, controlled milling experiments are conducted at suitable corner points of the recommended feed-speed design space, for constant stock material removal volumes. For each case, the tool material volume worn away, as well as the corresponding volumetric wear profile evolution in terms of a set of geometric coefficients, is quantified—these are then related to the MRR. Further, the volumetric wear rate and the M-ratio (volume of stock removed to VTW) which is a measure of the cutting tool efficiency, are related to the MRR—these provide a tool-life based optimal MRR for profitability. This work not only elevates tool wear from a 1D to 3D concept, but helps in assessing machining economics from a stock material-removal-efficiency perspective as well.