This article reports an experimental assessment of surface quality generated in the precision turning of AISI 4340 steel alloy using conventional round and wiper nose inserts for different cutting conditions. A three-factor (each at 4 levels) full factorial design of experiment was followed for feed rate, cutting speed, and depth of cut, with resulting machined surface quality characterized by resulting average roughness (Ra). The results show that, for the provided range of cutting conditions, lower surface roughness values were obtained using wiper inserts compared with conventional inserts, indicating a superior performance. When including the type of insert as a qualitative factor, ANOVA revealed that the type of insert was most important in determining surface roughness and material removal rate, with feed rate as the second most significant, followed by the interaction of feed rate and type of insert. It was found that using wiper inserts allowed simultaneous increases in feed rate, cutting speed, and depth of cut, while providing better surface quality of lower Ra, compared to the global minimum value that could be achieved using the conventional insert. These findings show that wiper inserts produce better surface quality and a material removal rate up to ten times higher than that obtained with conventional inserts. This clearly indicates the tremendous advantages of high surface quality and productivity that wiper inserts can offer when compared with the conventional round nose type in precision hard turning of AISI 4340 alloy steel.