The paper presents a study on the effectiveness of the grinding process in an electromagnetic mill devoted to ultrafine grinding, and the influence of processing parameters on the mill’s performance. The research was focused on the optimization of the duration of the grinding process and selection of the grinding media type in order to obtain the highest relative increase of the selected particle size fraction. Copper ore with a particle size between 0–1 mm was used in the experiments. A model was created that determines the relationship between the processing time and efficiency of the grinding, and can be used for the optimization of the process. A comparison of the relative growth of particle size fractions in milling products was performed. The obtained milling efficiency results measured by the growth of the analyzed particle size fraction in the milling product confirmed that the best grinding media set includes a grinding medium with a diameter of 1 mm and a length of 10 mm.