A coated cutting tool includes a substrate of cemented carbide, cermet, ceramics, steel or cubic boron nitride, a multi-layered wear resistant coating and at least two refractory coating layers deposited. The at least two refractory coating layers include a first coating layer and a second coating layer deposited on top of each other. The first coating layer is titanium aluminium nitride or carbonitride Ti1-uAluCvNw, with 0.2≦u≦1.0, 0≦v≦0.25 and 0.7≦w≦1.15 deposited by CVD. The second coating layer is titanium carbonitride TixCyN1-y, with 0.85≦x≦1.1 and 0.4≦y≦0.85, and is deposited on top of the first coating layer by MT-CVD. The second TixCyN1-y coating layer has a columnar grain morphology and the overall fiber texture of the TixCyN1-y coating layer is characterized by a texture coefficient TC (1 1 1)>2.