The dispersion stability of alumina suspensions is an obstacle to its large-scale application for chemical mechanical polishing (CMP) since the aggregation of particles will cause scratches on the wafer surface during polishing. Therefore, this study was devoted to improving the physicochemical properties of alumina suspensions using different polymeric dispersants, including polyethylene glycol (PEG) with nonionic properties, sodium polyacrylate (PAAS) with anionic properties, and their triblock copolymer poly(acrylic acid)-b-PEG-b-poly(acrylic acid) (PAEG). The characterization results of dispersion stability showed that, compared with PEG and PAAS, the suspensions containing a suitable dosage of PAEG exhibited the advantages of low-viscosity (Viscosity < 3 mPa·s), good-stability (Zeta potential < -50 mV), and monodisperse (Polydispersity index < 0.1). The adsorption isotherm indicated that the adsorption of dispersants on alumina particles was consistent with Langmuir model. Furthermore, the total potential energy between particles in suspension was calculated for theoretical analysis of the inter-particle interactions. Besides, the dispersion mechanisms of PEG, PAAS, and PAEG were proposed as steric stabilization, electrostatic stabilization and electrosteric stabilization, respectively. Finally, CMP experiments showed that the suspension prepared by using PAEG as a dispersant to polish SiC substrates resulted in better removal rates (382 nm/h) and lower surface roughness (Ra: 1.85 nm).