This paper presents a cutting force model which has three dynamic cutting force coefficients related to regenerative chip thickness, velocity and acceleration terms, respectively. The dynamic cutting force coefficients are identified from controlled orthogonal cutting tests with a fast tool servo oscillated at the desired frequency to vary the phase between inner and outer modulations. It is shown that the process damping coefficient increases as the tool is worn, which increases the chatter stability limit in cutting. The chatter stability of the dynamic cutting process is solved using Nyquist law, and compared favourably against experimental results at low cutting speeds.