A lathe machine is a tool that rotates a workpiece about an axis and uses a tool to create symmetrical objects. It can perform operations like turning, facing, cutting, knurling, drilling, and parting. The main parts of a lathe include the bed, headstock, spindle, tailstock, carriage, tool post, chuck, lead screw, and legs. Lathe machines are used for wood turning, metal working, metal spinning, and glass working. The turning process reduces the diameter of the workpiece and involves parameters like spindle speed, feed rate, depth of cut, and cutting speed.