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Today many manufactures are combining machines, a mill/drill is one of these. Its a combination of a drill and a mill, a mill removes stock from material (usually metal, but not limited just to metal, it depends on your application), you use fluted cutters such-as end mills. the drill aspect of the machine is just that it drills holes, With the proper speed for the right size drill.

Not just "today". The milling-machine was invented in the 19C!

A milling machine will drill as well as it can mill, with the advantage of co-ordinate location; but "mill-drill" is a rather contrived name for a class of light machine-tool made primarily for hobby workshops. It occupies a sort of mid-way position between milling-machine and drilling-machine - the latter cannot and must not be used as a mill.

Typically the mill-drill has a cylindrical column as on a bench-drill, to support a head moveable vertically above a fixed-level (2-axis only) table: an arrangement which is not only cheaper to make and sell but not ever so rigid and plays havoc with your centring when you have to raise or lower the head to accommodate different drill lengths for the same work!

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