Variable-diameter pipe parts have been widely used in the automobile industry, aerospace industry, and other fields. To enhance the surface quality of variable-diameter pipe and explore the effect of solid–liquid two-phase magnetic fluid (SLTPMF) on polishing, in this paper, the seven-order variable-diameter pipe with symmetrical structure is taken as the research object to carry out experimental research and numerical simulation. The experimental research shows that the best surface roughness is reduced by an order of magnitude to Ra 0.054 μm. The solid–liquid two-phase magnetic fluid polishing (SLTPMFP) technology has reliability and superiority in improving the roughness of variable-diameter pipe parts. The simulation results show that the wall shear stress of solid–liquid two-phase magnetic fluid on the wall surface of the workpiece affects the improvement of roughness. The greater the wall shear force, the better the surface roughness can be obtained. The velocity and dynamic pressure cloud diagram show that the velocity and dynamic pressure on the center axis of the workpiece first increase and then decrease with the flow of the magnetic fluid. The velocity and dynamic pressure on the near wall surface are reduced due to the shear collision with the workpiece. This work can provide technical and theoretical support for the actual production of SLTPMF precision polishing.