Cutting force real-time monitoring has become an increasing prominent role in high precision mechanical parts processing. A new type of cutting force dynamometer which is able to be mounted on the spindle of machine tool is proposed in this paper. At first, it is proved theoretically that the charge quantity can be obtained through measuring the induced charge quantity generated by electrostatic induction. Then the feasibility of this method is verified by an experiment. X0°-cut wafer and Y0°-cut wafer of α piezoelectric quartz are analyzed by ANSYS software separately and the distribution regularity of the polarized charge when piezoelectric quartz wafer surface is subjected to force or torque is obtained. On the basis of the above analysis, a kind of piezoelectric three-component dynamometer is designed. It can measure cutting depth resistance, feed resistance and torque with only two X0°-cut quartz wafers and two Y0°-cut quartz wafers