Microtextured cutting tools are widely used because of their excellent performance in cutting difficult-to-machine materials. The cutting performance of cutting tools largely depends on the size parameters of the microtextures used. This study focuses on the machining of titanium alloy Ti-6Al4 V using microgrooved cutting tools under dry-cutting conditions. Special emphasis is placed on exploring cutting performance under specific combinations of microgroove parameters. To determine the optimal parameter combination for cutting, the effects of different microgroove parameters (including the diameter, depth, spacing, and spacing between grooves and cutting edges) on cutting force, tool wear, and chip morphology were investigated. In this study, femtosecond laser technology was used to prepare microgroove-textured cutting tools with different parameters, and the cutting performance of these tools was analyzed. The results show that, when the groove diameter is 80 μm, the depth is 60 μm, the spacing is 80 μm, and the distance between the groove and the tool tip is 120 μm, the cutting performance of the tool is optimal: the cutting force is reduced by 13.9%, the degree of tool wear is minimized, and the degree of chip curling is more uniform. The research results can be applied to the actual processing of Ti-6Al4 V, which can help tool design, selection, and microtexture parameter optimization.