The ultrasmooth optical components with atomic-order surface roughness and nanometre-level shape accuracy are in immense demand with the rapid advancement of modern optical technology. In recent years, aspherical and free-form surfaces are gaining more interest for its favorable properties. Moreover, the new optical materials with immensely enhanced mechanical properties are being developed to meet the stringent requirements of modern optics. Fabrication of complex-shaped ultrasmooth optical components becomes a significant challenge as conventional finishing techniques are unable to machine aspherical or free-form surfaces precisely. This situation demands some highly deterministic finishing processes. Mostly, the optical components are fabricated by shaping or pre-finishing methods followed by final finishing processes. In the shaping or pre-finishing methods, the rigid abrasive tools are used to remove the material at an enhanced rate and near net shape of the elements can be attained. Surface finish and shape accuracy can also be improved to some extent. Owing to the presence of residual finishing marks generated by shaping methods, the application of the components is limited to the infrared (IR) optics. Final finishing processes include more deterministic and flexible polishing techniques that can achieve desired surface finish, figure accuracy and surface integrity to make it suitable for shorter wavelength applications. In recent years, single point diamond turning, precision grinding, plasma chemical vaporization machining and magnetorheological fluid-based finishing are widely used for fabricating ultrasmooth optics. In this article, principle, mechanism of material removal and applicability of the aforementioned precision finishing processes to different materials are discussed.