Recent developments in the engineering industry have created a demand for advanced materials with superior mechanical properties and high-quality surface finishes. Some of the conventional finishing methods such as lapping, grinding, honing, and polishing are now being replaced by non-conventional finishing processes. Magnetic Abrasive Finishing (MAF) is a non-conventional superfinishing process in which magnetic abrasive particles interact with a magnetic field in the finishing zone to remove materials to achieve very high surface finishing and deburring simultaneously. In this review paper, the working principles, processing parameters, and current limitations for the MAF process are examined via reviewing important work in the literature. Additionally, future developments of the MAF process are discussed.