In this research, a cryogenically cooled, near-dry, wire-cut, electrical discharge machining (CNDWEDM) investigation was performed using air, oxygen, and helium gases mixed with the minimum quantity of dielectric water as the working medium to cut Inconel-718 alloy with a molybdenum wire tool. All the experiments have been performed using the –150 °C temperature of the liquid-nitrogen-cooled wire electrode. The comparative analysis of the wire wear ratio (WWR), and the material removal rate (MRR) have been performed using an L27 orthogonal array. The air/gas pressure, mixing water-flow rate, spark current, and pulse duration are considered as influencing parameters on the cutting characteristics. It was observed from a comparative analysis that the WWR of oxygen-mist and helium-mist CNDWEDM processes are 30.39 % and 27.91 % higher than air-mist CNDWEDM, respectively. The MRR of the oxygen-mist and helium-mist CNDWEDM processes are 7.09 % and 3.60 % higher than the air-mist CNDWEDM, respectively. The contributions of the process parameters on the MRR and WWR for all three dielectric media have also been illustrated. It was observed from scanning electron microscope (SEM) images that the crater size in the wire tool of the oxygen-mist CNDWEDM is higher than the crater-size of the wire in the air-mist and helium-mist CNDWEDM.