To improve the surface roughness of Copper-Nickel alloy (Cu-Ni alloy) and explore the effect of magnetic abrasive finishing on the surface hardness and hydrophobicity of Cu-Ni alloy, the spherical magnetic abrasives are prepared by atomizing rapid solidification method. The effects of various process parameters on the surface quality of Cu-Ni alloy are explored, and the optimal process parameters of magnetic abrasive finishing of Cu-Ni alloy are obtained. The Neodymium-Iron-Boron permanent magnetic pole is used to grind the workpiece with XK7136C CNC milling machine. Three dimensional profilometer, metallographic microscope, and digital Vickers hardness tester are used to analyze the surface morphology of the workpiece. The hydrophilicity and hydrophobicity of the workpiece are measured by a contact angle goniometer. The effects of spindle speed, feeding rate, processing distance, and abrasive filling amount on the surface quality of workpiece are investigated by the orthogonal experiment and the single factor test. When the spindle speed is 1300 r/min, the feeding rate is 13 mm/min, the processing distance is 1.2 mm, and the abrasive filling amount is 2.0 g, the surface roughness of Cu-Ni alloy decreases from 0.212 to 0.023 μm and the hardness increases from 114 to 119.8 hv. Finally, the mirror effect of Cu-Ni alloy is achieved. When the optimal test parameters are used, the surface roughness of Cu-Ni alloy can be effectively reduced in a short time. The surface quality of the workpiece is improved, the surface hardness of the workpiece is affected to a certain extent, and the service life of the workpiece is prolonged.