The quest for precision in manufacturing sector is continuously evolving with the introduction of modern technologies and new techniques. In this research, the characteristics and influential parameters of a recently developed polishing process, known as electrophoretic deposition-assisted polishing (EPDAP), were investigated in external surface polishing of AISI 316 L stainless steel. The results revealed the improvement of surface roughness with increasing axial load up to the certain value of 11 N. The polishing time between 6 min and 12 min was recommended for polishing surfaces having a moderate initial roughness, close to 0.1 µm. Moreover, the increase of tool rotational speed led to the improvement of surface quality, while the variation of applied voltage had insignificant effects on the surface texture. In the second series of experiments, predictive equations of average surface roughness and material removal rate (MRR) were obtained based on analysis of variance. It was concluded that axial load and tool rotational speed are the most influential parameters on surface roughness and MRR, respectively. By performing a multi-response optimization, the optimum levels of control parameters at the same voltage of 15 V were calculated as axial load of 12 N, polishing time of 10 min, and tool rotational speed of 2000 rpm. This combination reduced the average surface roughness by 54.17% relative to the worst condition, which is characterized by the lowest axial loads, rotational speed, and polishing time at the design space. The maximum MRR of 3.975 mg/min was achieved at this optimum point. Assessment of the surface features indicated that the EPDAP process created uniform roughness profiles and resulted in an enhanced surface reflectance.