The usage of ultra-precision machining is increasing by the manufacturing of precision optical elements such as camera lens, laser printer, CD player, DVD and microscope parts etc.. The WC alloy material is in wide use by mold core to improve the productivity and accuracy in manufacturing those precision parts. The WC alloy mould core can be machined effectively by the parallel grinding process which is an excellent technique for manufacturing of surface profile hard to machining materials such as the hardened metal alloy, Ceramics, Glass and so on. Magnetic assisted polishing as a final polishing process has also been utilized to obtain ultra-precision mirror surface with the elimination of traces presented on ground surface. It is able to deduce the optimal ultra-precision machining conditions of the WC alloy material from the experiment and analyses results.