The techniques for finishing of materials are being developed for applications in the Industry. Among these applications, there are several challenging situations such as Machining of Complex Features/sections on Products and Cutting of Metallic as well as Non-Metallic Materials. It is proposed that the methods using abrasives under the application of a magnetic field is appropriate for fine finishing. The abrasives are controlled by the magnetic forces and the machining forces are transferred to the workpiece surfaces. The quality of surface finish obtained depends on the quality of abrasives and the magnetic Lorentz forces. Considering the cost optimization of finishing process using magnetic abrasives, cost of the abrasive is of primary concern. The number of abrasive particles transferred to the intended cutting zone, size variation in the abrasive particles and the velocity of impingement of abrasive particles significantly influences the material removal mechanisms. It is evident that the generation of abrasives is also a challenging task. Therefore, in this paper, a preliminary study is carried out on finishing methods by employing the abrasives, under the effect of magnetic field. The significance of magnetic field application on various aspects of material removal is correlated.