In this study, new abrasives that were composed of iron powder and carbon nanotube (CNT) particle were attempted to be abrasives for magnetic abrasive polishing. Because the CNT particles itself are very small ones with high hardness and magnetic strength, these properties are effective for magnetic abrasive polishing of nonmagnetic materials. As an experimental result for evaluating the machining characteristics in magnetic abrasive polishing, the CNT particles showed better performance than the conventional abrasives such as Fe and CBN powder.