According to the sharp rheological characteristics of magnetorheological fluid in the magnetic field, the principle and mechanism of magnetorheological finishing is analyzed. Based on the Preston equation, the Reynolds equation and its boundary conditions, the two-dimensional material removal model is built and simulated. Furthermore, a series of MRF experiments are carried out, and the influence of the immersed depth and material kinds on material removal rate are clarified respectively. The experimental results are compared with the modeling results of material removal rate to confirm the mechanistic model validity.