Modern technology requires producing of a sustainable product with a high surface accuracy. In applications where the surface quality is highly considerable in various internal cylindrical components requires technology to manufacture an ultrafine surface finish. There is, in general, a probability of inducing errors into products by the traditional finishing processes (such as grinding/honing), which lead to failure. Preferably with some evidence in the main text. Further, the advanced finishing processes are developed, where the finishing forces can be controlled by varying the power output. Instead of a solid abrasive tool, the smart polishing fluid is used, which gets activated under the magnetic fields. In this manuscript, the material removal under different internal surface finishing processes is elaborated, which helps in improving the surface quality of various industrial components. Also, the surface quality produced on various industrial components after traditional as well as advanced finishing processes are discussed.