A lanthanum–cerium-based abrasive composed of CeO2, LaOF, and LaF3 was commercially obtained. The effect of sodium hexametaphosphate (SHMP) on powder dispersion behavior was systematically investigated using the combined techniques of liquid contact angle, turbidity, zeta potential (ZP), scanning electron microscopy (SEM), powder X-ray diffraction (XRD) combined with Rietveld refinements, X-ray photoelectron spectroscopy (XPS), and polishing tests. The results indicated that the addition of 0.5 wt.% SHMP dispersant to the 5 wt.% lanthanum–cerium-based slurry produced the most stable suspension with a high turbidity of 2715 NTU and a low wetting angle of 45°. The as-obtained slurry displayed good surface polishing quality for K9 glass, with low surface roughness (Ra) of 0.642 and 0.515 nm (in the range of 979 × 979 μm2) at pH = 6 and 11, respectively, which corresponds to the fact that it has local maximum absolute values of ZP at these two pH values. SEM images demonstrated that after appropriate grafting of SHMP, the particle aggregation was reduced and the slurry’s dispersion stability was improved. In addition, the dispersion mechanism was explained based on the principle of complexation reaction, which reveals that the dispersant SHMP can increase the interparticle steric hindrance and electrostatic repulsions. In an acidic environment, steric hindrance dominates, while electrostatic repulsion prevails under alkaline conditions. As expected, this polishing slurry may find potential applications in manufacturing optical devices and integrated circuits.