A sedimentation-stable magnetorheological (MR) polishing slurry on the basis of ferrofluid, iron particles, Al2O3, and clay nanofiller in the form of sepiolite intended for MR polishing has been designed, prepared, and its polishing efficiency verified. Added clay substantially improved sedimentation stability of the slurry, decreasing its sedimentation rate to a quarter of its original value (1.8 to 0.45 mg s−1) while otherwise maintaining its good abrasive properties. The magnetisation curve measurement proved that designed slurry is soft magnetic material with no hysteresis, and its further suitability for MR polishing was confirmed by its magnetorheology namely in the quadratically increased yield stress due to the effect of applied magnetic field (0 to 600 kA m−1). The efficiency of the MR polishing process was tested on the flat samples of injection-moulded polyamide and verified by surface roughness/3D texture measurement. The resulting new composition of the MR polishing slurry exhibits a long-term stable system with a wide application window in the MR polishing process.