Drilling holes in carbon fiber-reinforced polymer (CFRP) laminates are more prone to incur damage during machining. Surface damage could be considerably minimized through the adoption of cryogenic assisted machining. The economic and safety implications associated with cryogenic technology necessitate the exploration of alternate technologies. In this research work, the effects of cutting velocity (100, 125 and 150 m/min) and feed rate (0.03, 0.06 and 0.09 mm/rev) on thrust force, surface roughness, delamination and acoustic emissions are studied during the drilling of CFRP laminates under chilled air environment and compared with dry drilling. The output parameters are found to be much influenced by feed rate than cutting velocity. Under high feed rate and cutting velocity, the delamination factor, surface roughness and acoustic emissions are, respectively, reduced by 13.2, 10.5 and 7.4{\%} for the drilling performed under chilled air environment over dry condition. About 9.9{\%} increased thrust force is observed for chilled air-assisted drilling under the identical machining condition.