Spin valve giant magnetoresistance (GMR) sensors were prepared by a two-step thinning method combining grind thinning and inductively coupled plasma (ICP) etching together. The fabrication processes of front GMR sensors and backside ICP etching were described in detail. Magnetoresistance ratio of about 4.24% and coercive field of approximately 11 Oe were obtained in a tested bendable GMR sensor. The variations of the magnetic property in GMR sensors were explained mainly from the temperature, ion beam damage and mechanical damage generated by the fabrication process.