The work aims to improve the cutting life of coated tools at high speed. AlCrBN coatings with various arc currents (60, 80, 100 A) were prepared on high speed steel samples and tools by arc ion plating technology. Microstructures and properties of the coatings were studied by scanning electron microscopy (SEM), X-ray diffractometer (XRD), X-ray photoelectron spectroscopy (XPS), profilometer, scratch tester, microhardness tester, wear tester and cutting test. The phases of AlCrBN coatings were solid-soluble fcc-(Cr,Al)N phase and a small amount of CrB2 and fcc-BN phase. With the increase of arc current of the AlCrB alloy target from 60 A to 100 A, the surface roughness Sq of AlCrBN coatings increased from 197 nm to 208 nm, and the Sa increased from 107 nm to 113 nm. The microhardness increased from 3574HK0.05 to 3890HK0.05 and then decreased to 3209HK0.05. The adhesive strength Lc2 increased from 57 N to 63 N and then decreased to 55 N. The wear rate of AlCrBN coatings prepared under different arc currents was 0.69×10-15, 0.38×10-15 and 0.84×10-15 m3/(N?m) and the wear mechanism was abrasive wear, adhesive wear and oxidative wear. The cutting results showed that the cutting life of the AlCrBN coated tools under the conditions of VC=60 m/min and VC=191 m/min was higher than that of the AlCrN coated tools, and the cutting life of the AlCrBN coated tools prepared at 80 A was the longest, which is 9 m and 6 m respectively. Under the low cutting speed of VC=60 m/min, the main wear mechanism was abrasive wear in the initial stage, abrasive wear and adhesive wear in the middle stage, and adhesive wear in the final stage. Under the high cutting speed of VC=191 m/min, the main wear mechanism was abrasive wear and adhesive wear in the initial stage, abrasive wear and adhesive wear in the middle stage, and adhesive wear in the final stage. The AlCrBN coated tools show the superior cutting performance compared with the AlCrN coated tools. Moreover, the AlCrBN coating prepared at 80 A has the best comprehensive performance.