This paper proposes a novel magnetic abrasive finishing (MAF) process that uses an auxiliary magnetic machining tool for the internal surface finishing of a thick-walled tube. The auxiliary magnetic machining tool and external poles form a closed magnetic field circuit. Thus, a stronger magnetic force can be generated during the process. In the current study, we focus on analyzing the distribution of the magnetic field and magnetic flux density and investigating the finishing characteristics of a mixed magnetic abrasive finishing process and speed of relative revolutions. Based on the finishing characteristics, we also conduct a stage-by-stage finishing process by changing the combinations of the mixed magnetic abrasive finishing process. The finishing quality of the internal surface was mainly evaluated by the measured roundness and surface roughness. The experimental results show that the roundness and surface roughness Ra are affected when the total amount of WA abrasive and iron powder is too much; a better surface roughness could be obtained when the difference in the speed of relative revolutions is considerable, but the roundness is the worst. Furthermore, the original roundness measurement of 270 µm can reach 10 µm, and the surface roughness Ra can increase from an original surface roughness of 4.1 µm to reach 10 nm after 105 min of the stage-by-stage finishing process.