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Turning is the process of using lathes to remove material from the outer diameter of a rotating workpiece. Single-point tools shear metal from the workpiece in (ideally) short, distinct, easily recyclable chips.

Source: Machining 101: What is Turning?

One of the key characteristics of a lathe, unlike a vertical or horizontal milling machine, is that the workpiece turns, as opposed to the tool. Thus, lathe work is often called turning. Turning, then, is a machining process used to make round, cylindrical parts.

Source: Buying a Lathe: The Basics

The basic two-axis lathe consists of a headstock with spindle, chuck for holding the part, lathe bed, carriage and cross-slide, tool turret and tailstock. While most lathes have a moveable tailstock to support the workpiece at the end, away from the chuck, not all machines come with this feature as a standard. A tailstock is particularly useful, however, when the workpiece is relatively long and slender.

Source: Buying a Lathe: The Basics

The spindle on a turning center is either belt-driven or direct-drive. Generally, belt-driven spindles represent older technology. They speed up and slow down at a lower rate than direct-drive spindles, which means cycle times can be longer. If you’re turning small-diameter parts, the time it takes to ramp the spindle from 0 to 6,000 rpm is significant. In fact, it might take twice as long to reach this speed than with a direct-drive spindle.

Source: Buying a Lathe: Spindles and Tailstocks

A built-in, numerically controlled tailstock can be a valuable feature for automated processes. A fully programmable tailstock provides more rigidity and thermal stability. However, the tailstock casting adds weight to the machine.

There are two basic types of programmable tailstocks—servo-driven and hydraulic. Servo-driven tailstocks are convenient, but the weight they can hold may be limited. Typically, a hydraulic tailstock has a retractable quill with a 6-inch stroke. The quill also can be extended to support a heavy workpiece, and do so with more force than a servo-driven tailstock can apply.

Source: Buying a Lathe: Spindles and Tailstocks

Slant-bed lathes provide a number of advantages, while multitasking lathe configurations might open up possibilities heretofore unthought of.

The slant-bed lathe design is probably the most common and well-known configuration in today’s CNC lathes. Typically, the bed of the lathe slants at a 30- or 45-degree angle, although some 60-degree models also are available.

Multitasking machines are often built on a turning center platform. These machines use rotary tools to combine several cutting processes such as turning, milling, drilling, tapping, grooving, threading and deep-hole boring on one machine.

Source: Buying a Lathe: Slant-Beds and Multitasking Configurations