The work aims to prepare a new type of magnetic abrasive with low cost and high-cost performance with boron carbide powder to solve the problems of high price, low hardness and low-cost performance of existing abrasive phase materials. Iron based boron carbide magnetic abrasive particles were prepared by bonding method, and the effect of different composition ratio on its grinding performance was investigated. The surface morphology of magnetic abrasive particles was observed by scanning electron microscope. The distribution of grinding phases in abrasive particles was observed by energy spectrum analysis. The surface roughness measurement instrument and 3D ultra depth of field microscope were used to compare and analyze the surface quality of workpiece before and after grinding. Then combined with the grinding test of titanium alloy plate, the grinding performance of magnetic abrasive particles was evaluated, and the best preparation process parameters of magnetic abrasive particles were finally determined. When the pressing force was 100 kN, the mass ratio of mixture to binder was 10︰1, and the particle size ratio was 4︰1, the cutting performance and grinding effect of magnetic abrasive particles were the best. After grinding for 30 min, the surface roughness of titanium alloy plate decreased from Ra 0.88 μm to Ra 0.07 μm, which effectively removed the defects and processing texture of the original surface of the workpiece and improved the surface quality of the workpiece. Adding anhydrous ethanol into the binder can solve the problem that the binder is too viscous and is not conducive to mixing with materials. The mechanical mixing method can solve the problem of uneven mixing. Adding anhydrous ethanol into the binder can solve the problem that the binder is too viscous and is not conducive to mixing with materials. The iron-based boron carbide magnetic abrasive prepared by this bonding method can successfully complete the processing of titanium alloy materials. The iron-based boron carbide magnetic abrasive can be used as a grinding medium with excellent performance to participate in grinding, and can meet the requirements of magnetic abrasive finishing.