In order to obtain a high accuracy with high machining efficiency for finishing hard alloy metal material, we proposed a hybrid finishing method which is electrochemical (ECM) effects assisted magnetic abrasive finishing (MAF). In this study, the electrochemical magnetic abrasive finishing (EMAF process) was divided into EMAF stage and MAF stage. The metal surface can be easily finished with the passive films formed in electrochemical reactions. Simultaneously, the passive films can be removed by frictional action between magnetic brush and workpiece surface. Thus, the essence of EMAF process is to form and remove the passive films on the workpiece surface. This study focused on investigating the finishing mechanism and finishing characteristics of EMAF process. Through a series of experimental investigations, it can be confirmed that the finishing efficiency is remarkably improved by EMAF process. The optimal experimental result of EMAF process showed that the surface roughness was reduced to less than 30 nm from the original surface roughness 178 nm at 4 min in EMAF stage, and the surface roughness was finally reduced to 20 nm at 10 min in MAF stage. Additionally, we also found the finishing ability of magnetic abrasive decreased after 4 min EMAF stage.