Based on computer-controlled optical surfacing, a new technique called magnetorheological finishing (MRF), is presented. The new technique combines the features of conventional loose abrasive machining with a wheel shaped polishing tool. The tool incorporates a host of features and has unprecedented fabricating versatility. The pre-polishing and fine polishing processes can be performed only by adjusting different parameters. The material removal function is studied theoretically and the results of simulation present a Gaussian distribution feature. Based on the established theoretical model, material removal rate experiments involving a parabolic mirror are designed and carried out to determine the effect of controllable parameters on size of the gap between the workpiece and the polishing wheel,rotating speed of the polishing wheel, concentration of volume fraction of non-magnetic particles and polishing time. Further experiments are carried out on the surface microstructure of the workpiece, the final surface roughness with an initial value of 10.98 nm reaches 1.22 nm root mean square (RMS) after 20 min of polishing. The subsurface damage experiment and the atomic force microscopy (AFM)measurement on the polished surface can also verify the feasibility of the MRF technique.