A self-made annular magnetic brush tool joined a multi-axis motion electrolysis composite magnetic abrasive grinding machine was used to carry out magnetic abrasive processing tests on the inner surface of SUS304 stainless steel sleeve. The effects of alumina abrasive particle , processing time, processing load and processing current on surface roughness were investigated. The results show that in the pure abrasive magnetic grinding test, when the abrasive particle size is 3 μm, the processing load is 2 N and the vibration frequency is 4 Hz, after grinding for 10 min, the Rmax=0.198 μm and Ra=0.045 μm; however, in the pure electrolysis magnetic grinding test, the Rmax=0.292 μm and Ra=0.069 μm after grinding for 10 min under the conditions of 2 N load and 200 mA processing current, which is slightly worse than that of pure abrasive particles; in the electrolysis composite abrasive magnetic grinding, when the grinding particle size is 3 μm, the processing load is 2 N, the vibration frequency is 4 Hz and the processing current is 200 mA, the most ideal grinding results can be obtained, after 10 min, Rmax=0.146 μm, Ra=0.033 μm, the effect is better than those of pure abrasive magnetic grinding and the pure electrolysis magnetic grinding; in the two-stage electrolysis composite abrasive magnetic grinding test without tool feed, the abrasive particle with particle size of 3 μm, processing load of 2 N, vibration frequency of 4 Hz and processing current of 200 mA are firstly used for grinding for 4 min, and then the abrasive particle with particle size of 1 μm replaces for grinding 12 min, the surface roughness of the workpiece is reduced to Rmax=0.112 μm and Ra=0.024 μm, the inner surface of the workpiece has been machined into a mirror.