Abstract: Research on magnetorheological finishing technology at home and abroad is reviewed. According to the development of magnetorheological finishing technology, the current main application of ultra-precision machining principle and progress of magnetorheological compound polishing technology are elaborated, mainly focusing on Magnetorheological Jet Polishing, Ultrasonic-magnetorheological Compound Polishing, Chemo-mechanical Magnetorheological Finishing and Cluster of MRF processing methods and mechanism of material removal. Then the MRF method is compared in terms of surface precision machining, surface integrity and processing efficiency. Finally, a discussion is conducted on how to improve the precision polishing efficiency, forecasting the development of ultra-precision magnetorheological finishing and pointing out the key research direction in the future.