In the present work, an explicit finite element (FE) model was developed for predicting cutting forces and chip morphologies of polymers from the true stress–strain curve. A dual fracture process was used to simulate the cutting chip formation, incorporating both the shear damage failure criterion and the yield failure criterion, and considering the strain rate effect based on the Johnson–Cook formulation. The frictional behaviour between the cutting tool and specimen was defined by Coulomb’s law. Further, the estimated cutting forces and chip thicknesses at different nominal cutting depths were utilized to determine the fracture toughness of the polymer, using an existing mechanics method. It was found that the fracture toughness, cutting forces, and chip morphologies predicted by the FE model were consistent with the experimental results, which proved that the present FE model could effectively reflect the cutting process. In addition, a parametrical analysis was performed to investigate the effects of cutting depth, rake angle, and friction coefficient on the cutting force and chip formation, which found that, among these parameters, the friction coefficient had the greatest effect on cutting force.