Magnetic field-assisted magnetic compound fluid (MCF) ultra-precision machining technology is regarded as an effective method to obtain a smooth surface. However, due to the evaporation and splashing of water in the polishing fluid during processing, the service life of the MCF slurry is reduced. This paper presents a material removal model for MCF polishing, and a novel experimental apparatus is proposed to extend the service life by supplying MCF components into the MCF slurry. Firstly, in order to obtain the ideal polishing tool, the appearance morphologies and the formation process of the MCF slurry were observed by an industrial camera. On this basis, the optimum parameters were determined by multi-factor and multi-level orthogonal experiments. Finally, the investigation of the MCF service life was carried out under the optimal processing parameters. The main findings are summarized as follows. (1) Excellent MCF polishing tools are obtained when the eccentric distance r is 4 mm and the MCF slurry supply V is 1 mL. (2) When the eccentric distance increases from 2 mm to 4 mm, the forming time of the MCF tool decreases sharply, but when the eccentricity exceeds 4 mm, the decreasing trend becomes slow. The molding time grows steadily as the supply is increased. (3) When the machining gap Δ, the MCF carrier speed nc, the eccentricity r, and the revolution speed of magnetic nm are 1 mm, 500 rpm, 4 mm, and 600 rpm, respectively, the ideal machining effect can be obtained. (4) It could be proven that the polishing device is feasible to extend the service time of the MCF slurry by adding MCF components.

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