The influence of the composition and structure of ferromagnetic composite powders on the surface morphology of hard alloys of titanium-cobalt and tungsten-cobalt groups during magnetic-abrasive processing has been investigated. The mechanisms of contact interaction of a ferro-abrasive quasiplastic medium with the surface of hard alloys are established. Ferromagnetic abrasive powders have been developed for the processing of hard alloys. It is shown that a composite powder clad with silicon carbide and diamond grains has a more intense effect on the surface of hard alloy plates. It increases the intensity of the abrasive component and reduces adhesion during the contact interaction of the powder matrix and the hard alloy. The microhardness of the surface layer of the hard alloy increases by 20-47% relative to the initial one, which is associated with the combined action of the ferromagnetic abrasive powders particles and the magnetic field, which cause deformation of the crystal lattice, an increase in the concentration of dislocations, and refinement of brittle phases.