In this study, an EP (electro-polishing)-MAP (magnetic abrasive polishing) hybrid process was developed as a precision finishing process. To evaluate the characteristics of this EP-MAP hybrid process, a series of experiments were carried out using various working gaps, current densities, and electrolyte concentrations. As a result, NaNO3 was found to be very suitable as the electrolyte of the hybrid process because there was no electrochemical reaction with the CNT-Co composite. Moreover, an increase in the magnetic flux density affected the liquidity of the electrolyte and prevented it from flowing into the CNT-Co composite powder. For that reason, the lower liquidity of the electrolyte increased the thermal energy on the surface of the workpiece.