In today's scenario, the fine finishing of the straight bevel (SB) gears with dimensional accuracy and high wear resistance are highly required in various industries such as marine, medical, and agricultural. In this paper, the novel magnetic bevel gear finishing (BGF) tool is designed to finish the SB gears in minimum time using the magnetorheological polishing fluid. The magnetic BGF tool is made such that proper meshing amid each tooth of the tool and SB gear takes place with a predefined working gap for MRP fluid. This leads to the overall fine finishing of SB gear teeth in minimum time. Further, a theoretical model has been investigated for the volume of material removal and reduction in surface roughness of the SB gear workpiece. To validate the theoretical model, experiments have been done on the SB gear workpiece. The surface roughness of the SB gear workpiece after experimentation is measured. Also, scanning electron microscopy and microhardness tests are conducted to study the surface characteristics of the finished SB gear tooth surface. The surface finish and surface characteristics of the SB gear have significantly improved. Further, the theoretically calculated volume of material removal and surface roughness values are compared with experimentally obtained values and the results show close agreement for the same number of finishing cycles. Thus, the present developed magnetorheological finishing process, and a theoretical model is found suitable for enhancing the functional application of SB gears by improving their wear resistance and shape accuracy with a fine finish surface.