In this study, an online, efficient and precision laser profiling approach that is based on a single-layer deep-cutting intermittent feeding method is described. The effects of the laser cutting depth and the track-overlap ratio of the laser cutting on the efficiency, precision and quality of laser profiling were investigated. Experiments on the online profiling of bronze-bonded diamond grinding wheels were performed using a pulsed fiber laser. The results demonstrate that an increase in the laser cutting depth caused an increase in the material removal efficiency during the laser profiling process. However, the maximum laser profiling efficiency was only achieved when the laser cutting depth was equivalent to the initial surface contour error of the grinding wheel. In addition, the selection of relatively high track-overlap ratios of laser cutting for the profiling of grinding wheels was beneficial with respect to the increase in the precision of laser profiling, whereas the efficiency and quality of the laser profiling were not affected by the change in the track-overlap ratio. After optimized process parameters were employed for online laser profiling, the circular run-out error and the parallelism error of the grinding wheel surface decreased from 83.1μm and 324.6μm to 11.3μm and 3.5μm, respectively. The surface contour precision of the grinding wheel significantly improved. The highest surface contour precision for grinding wheels of the same type that can be theoretically achieved after laser profiling is completely dependent on the peak power density of the laser. The higher the laser peak power density is, the higher the surface contour precision of the grinding wheel after profiling.