Abrasive water jet polishing (AWJP), as an ultra-precision machining technology, has unique machining advantages. However, the machining application of nozzles in vertical and inclined states is greatly limited because rotational symmetric material removal characteristics and the largest amount of central material removal cannot be obtained. At the same time, considering the many controllable and uncontrollable factors in AWJP, it is difficult to accurately model the removal characteristics obtained by machining. Based on the idea of the Preston equation and the calculation of fluid dynamics, this study first analyzed the material removal characteristics of a single abrasive particle and used FLUENT fluid simulation software to obtain the pressure and velocity distributions at different positions in the processes of nozzle rotation and tilt polishing. By analyzing the influence of the pressure and velocity distributions on material removal and the surface shear stress of the workpiece, a theoretical model of the material removal characteristics of abrasive water jet polishing under rotating oblique incidence was established. Finally, the effectiveness of the theoretical removal model was verified by comparing and analyzing experimental and theoretical results.