In this study, a novel magnetorheological (MR) polishing device under a compound magnetic field is designed to achieve microlevel polishing of the titanium tubes. The polishing process is realized by combining the rotation motion of the tube and the reciprocating linear motion of the polishing head. Two types of excitation equipment for generating an appropriate compound magnetic field are outlined. A series of experiments are conducted to systematically investigate the effect of compound magnetic field strength, rotation speed, and type and concentration of abrasive particles on the polishing performance delivered by the designed device. The experiments were carried out through controlling variables. Before and after the experiment, the surface roughness in the polished area of the workpiece is measured, and the influence of the independent variable on the polishing effect is judged by a changing rule of surface roughness so as to obtain a better parameter about compound magnetic field strength, concentration of abrasive particles, etc. It is shown from experimental results that diamond abrasive particles are appropriate for fine finishing the internal surface of the titanium-alloy tube. It is also identified that the polishing performance is excellent at high magnetic field strength, fast rotation speed, and high abrasive-particle concentration.