The work aims to solve the problems of existing viscoelastic magnetic abrasive tools including complicated preparation technology, short service life and decomposition trend in finishing by developing a 107 silicone rubber-based viscoelastic magnetic abrasive tool, and studying the effects of the tool’s fluidity, self matching ratio and processing speed on finishing effect of workpiece through finishing experiments. Finishing experiments were applied to outer surface of aluminum alloy tube with newly prepared viscoelastic magnetic abrasive tool. The new abrasive tools with different content of crosslinking agent were selected for processing experiments to analyze the influence of substrate fluidity on finishing effect. Machining experiments were carried out at unequal workpiece speed to analyze the influence of workpiece speed on finishing effect. The new abrasive tools with different mass ratios of ferromagnetic phase and abrasive phase were selected for the machining experiments to analyze the influence of the mass ratio on the finishing effect. The new abrasive tools with different particle size were selected for the machining experiments to analyze the influence of abrasive particle size on the finishing effect. The workpiece surface roughness value Ra decreased from 0.299 μm to 0.113 μm, relative decrease rate of Ra value was about 62.2%, and the finishing effect was the best provided with 20 g 107 silicone rubber, 15 g carbonyl iron powder, 5 g silicon carbide, 1 g themethyl silicone oil, 1 g softener, 0.14 g crosslinking agent, 350 r/min workpiece speed and 600 mesh abrasive particle size. The newly prepared abrasive tools feature in stable performance, convenient preparation and mobility adjustment according to different working conditions.