Polycrystalline diamond (PCD) tools are widely used in industry due to their outstanding physical properties. However, the ultra-high hardness of PCD significantly limits the machining efficiency of conventional abrasive grinding processes, which are utilized to manufacture PCD tools. In contrast, electrical discharge grinding (EDG) has significantly higher machining efficiency because of its unique material removal mechanism. In this study, the quality and performance of PCD tools machined by abrasive grinding and EDG were investigated. The performance of cutting tools consisted of different PCD materials was tested by high-speed turning of titanium alloy Ti6Al4V. Flank wear and crater wear were investigated by analyzing the worn profile, micro morphology, chemical decomposition, and cutting forces. The results showed that an adhesive-abrasive process dominated the processes of flank wear and crater wear. Tool material loss in the wear process was caused by the development of thermal cracks. The development of PCD tools’ wear made of smallsized diamond grains was a steady adhesion-abrasion process without any catastrophic damage. In contrast, a large-scale fracture happened in the wear process of PCD tools made of large-sized diamond grains. Adhesive wear was more severe on the PCD tools machined by EDG.