To extend the working life of products made of titanium alloy, it is necessary to improve the polishing method to diminish the remaining defects on the workpiece surface. The Halbach array-assisted magnetic abrasive particle polishing method for titanium alloy was employed in this work. The distribution of magnetic field strength was simulated and verified at first to learn the characteristics of the Halbach array used in this work. Then, the polishing performance of the polishing tool was studied by conducting the polishing test, which aimed to display the relationship between shear force and surface roughness with polishing time, and the surface morphology during polishing was also analyzed. Following the establishment of the response surface model, a study on the optimal polishing parameters was conducted to obtain the suitable parameters for maximum shear force and minimum surface roughness. The results show that the maximum shear force 6.11 N and minimum surface roughness Sa 88 nm can be attained, respectively, under the conditions of (1) polishing tool speed of 724.254 r·min−1, working gap of 0.5 mm, and abrasive particle size of 200 μm; and (2) polishing tool speed of 897.87 r·min−1, working gap of 0.52 mm, and abrasive particle size of 160 μm.