AlCrN/AlCrVN multi-layer coatings with different numbers (1, 2, 4, 6) of bilayers were deposited by arc ion plating method. The effects of multi-layer structure on microstructure, mechanical properties, tribological properties, and cutting performance were investigated. The results show that the deposited AlCrN/AlCrVN multi-layer coatings are mainly composed of solid solution (Al,Cr)N with preferred growth orientation of [111] crystal orientation. Compared with other multi-layer coatings, the lowest coefficient of friction (~0.46), the lowest wear rate of 0.15×10^-11 m³/N·m, the highest hardness of HK_0.05=38 000 MPa, and coating-substrate bonding strength of L_C2=53±1 N can be achieved for AlCrN/AlCrVN multi-layer coating with 6 bilayers at high temperature. The improvement in hardness and wear resistance is due to the formation of more interfaces between adjacent layers. Cutting test results reveal that AlCrN/AlCrVN coating with 6 bilayers has the longest cutting length of 7.4 m under the cutting wear standard condition of flank wear VB=0.2 due to its relatively higher hardness and better wear resistance.