Fuel injection nozzles are a key component of electronic injection engines, and their inner surface roughness affects the performance of the nozzles and restricts the working efficiency of the engine. Therefore, the polishing technology for a nozzle’s inner surface is particularly important. At present, abrasive flow polishing technology is commonly used to treat the inner surfaces of the nozzles. This study investigated the magnetic particles in the abrasive flow working medium. Due to the external magnetic field, magnetic particles are affected by the magnetic field force and change the polishing performance of the abrasive flow working medium. Through a numerical analysis and contrast experimental research, we can see that the choice of different grinding grain sizes, kinematic viscosity, magnetic field intensity, and process parameters, such as inlet pressure, with magnetic particles in a solid–liquid two-phase abrasive flow for polishing, can effectively improve the quality of the injection nozzle’s inner surface. The study also reveals that the influence of the nozzle’s inner surface polishing quality is significant and creates a mechanism for process parameters.