Rounded diamond cutting tools are extensively utilized in ultra-precision cutting applications. However, the anisotropic nature of diamond crystals poses challenges in achieving uniform and controllable material removal using conventional mechanical grinding techniques, impeding further improvements in the precision of diamond tools. This study introduces a novel approach that leverages the diamond dynamic micro tensile strength theory to establish a grinding factor prediction model for any position on the flank face of the tool, considering the combination of R(100)F(100) and R(110)F(100) crystal faces. Experimental investigations are conducted to examine the relationship between the model and the tool's material removal rate. The findings reveal pronounced anisotropy on the flank of the diamond tool during mechanical grinding, and the modified grinding factor model exhibits excellent agreement with the observed change in the material removal rate. These outcomes provide valuable insights for enhancing precision in diamond tool fabrication and advancing ultra-precision cutting techniques.