The development of fine surface finish with no defects is still a significant challenge for the present industry and the finishing operation in the manufacturing of the precision components is the major problem. It is difficult rather impossible to polish/finish the difficult-to-reach surfaces, internal surfaces, and complex geometries by existing finishing methods. Abrasive flow machining (AFM) is a well-established advanced finishing process that can meet the required finishing requirements. However, the main disadvantages of this process are the surface integrity with low surface finish and high machining times. Magnetically Assisted Abrasive flow machining (MAAFM) is one of the non-conventional machining techniques that can successfully handle these problems. This process was developed in the early 2000s as a technique for deburring, polishing, and radiusing tough to reach surfaces like complicated configurations and edges/boundaries by flowing a magnetic abrasive polymeric medium across them. Magnetic flux density (MFD), extrusion pressure, flow volume, abrasive type, grit size, number of process cycles, medium, and workpiece configuration are the principal machining parameters that control the surface finish characteristics. The medium extruded forward and backward between two vertically opposed hydraulic cylinders across transit created by the workpiece and tooling. Abrasion of workpiece takes place wherever the medium proceeds across the highly confining transit. The major elements of the MAAFM process are the machine, tooling, and the magnetic abrasives containing media. MAAFM has a wide scope of uses in industries including automotive, aviation, precision dies, medicinal, electronics. This article represents a review of current advancements in the area of the MAAFM process and the type of magnetic abrasive particles (MAPs) used.