This article covers the efforts on characterising ice-bonded abrasive polishing tool in terms of the mechanical and tribological properties such as hardness, coefficient of friction, and wear rate. These studies were attempted on the tools prepared at different temperatures ranging from −10 °C to 0 °C with a view to identify the condition suitable to prepare ice-bonded abrasive polishing tool for effective polishing of Ti–6Al–4V alloy specimen. It also presents the methods adopted to determine various properties of ice-bonded abrasive polishing tool. Hardness was estimated from the measured penetration depth of cone shape indenter into the tool, coefficient of friction was determined from the change in power drawn by the motor rotating the tool mould, and wear behaviour of tool was assessed from the melting rate of the tool determined from the change in height of ice-bonded abrasive polishing tool at different stages of polishing. From the results of this study, it is clear that ice-bonded abrasive polishing tool prepared at −4 °C has possessed sufficient hardness, coefficient of friction, and reasonable wear rate suitable for polishing of Ti–6Al–4V specimens. This article also covers the details of low-temperature coolant supply unit developed to prepare the ice-bonded abrasive polishing tool at any desired temperature between 0 °C and −40 °C and thus to maintain it for a long time. Polishing studies with such ice-bonded abrasive polishing tool showed 72% improvement in finish after 90 min of polishing of Ti–6Al–4V specimen with tool, prepared at −4 °C.