Physical, chemical and mechanical properties of some abrasives such as diamond, CBN are described in this paper. The preparation and application of ultra-hard oilstones such as diamond and CBN are also discussed. They are widely applied in honing and promote great development of honing technology. However, the standardizing binder compositions of diamond and CBN can not easily obtained. In addition, the precision requisition of grinded parts is different from part to part and the material kinds are diverse. Therefore, the oilstone performance is difficult to match the grinded parts. Those factors result in the complication of the oilstone preparation.