Magnetic abrasive finishing technology is a widely used and efficient surface processing technology. It has the advantages of high machining quality, wide application range, flexible machining, good self-sharpening, and easy to realize automation. It can effectively remove defects such as scratches, carbon deposition, burrs, and curling on the workpiece surface. Firstly, the development and research of magnetic abrasive finishing technology were summarized, including the proposal and development of the technology, the analysis of the mathematical model, and the influence of processing parameters. The establishment of mechanical model of single abrasive particle and the ratio of ferromagnetic phase to abrasive phase in the machining process was emphatically discussed, and the influence of machining parameters on the grinding process was analyzed from four aspects:the shape of the magnetic pole, the rotational speed of the magnetic pole, the machining gap and the abrasive performance. Then, the principle of magnetic abrasive finishing technology applied to a plane, cylinder outer surface, and cylinder inner surface was introduced, and its processing characteristics were summarized. The development direction of several kinds of magnetic abrasive finishing technology was summarized, including electromagnetic abrasive finishing, ultrasonic-assisted magnetic abrasive finishing, chemically assisted magnetic abrasive finishing, and electrochemical assisted magnetic abrasive finishing. The processing principles and experimental results of these new composite machining methods were introduced, and their processing characteristics were reviewed. Finally, some problems existing in the research of magnetic abrasive finishing technology was put forward, and its future development was prospected.