The work aims to solve the problems of low efficiency of traditional polishing process through the experimental research on the surface grinding and polishing of M300 steel. The elastic ball type abrasive tool was used polish and grind M300 steel. Single factor experiment and orthogonal experiment were designed to study the influence of main process parameters on the surface roughness and material removal, such as spindle speed, abrasive grain size, feeding depth and cutting depth. In the experiment, the Hilbert path was used to evenly process the entire surface. The five-axis machining center was used as the test platform, and the electronic analytical balance and three-dimensional surface topographer were used as testing instruments to obtain the optimal process parameters and preferred interval. Among the selected 9 sets of polishing parameters, the ideal surface roughness of 0.078 μm was obtained, the optimized removal rate was 2.152 mm3/min, and the wear ratio was 0.07. The factor significantly affecting the surface roughness was the cutting depth. The factor having greater influence the material removal rate was the change in cutting depth and feeding speed. For multi-objective optimization, the influence of cutting depth, spindle speed, feeding speed and abrasive size decreased in turn. The optimum combination of process parameters was: ball type abrasive tool: 320#, spindle speed: 4500 r/min, cutting depth: 0.4 mm and the feeding rate: 80 mm/min. The use of ball type abrasive tool can increase the material removal rate of M300 steel and improve the quality of the machined surface, thus enhancing the processing efficiency.