To obtain high surface quality and high finishing efficiency in machining SUS440 stainless steel, a novel machining technology employing a semi-fixed abrasive plate (SFAP) is adopted. The SFAP is developed for preventing lapped surface from damage caused by larger particles (from grain size dispersion or from outside of processing area, larger particles could bring uneven load distribution on processing region). The effects of different parameters on the surface quality and the material removal rate (MRR) of SUS440 stainless steel which is lapped by SFAP are investigated in this paper. The control parameters of the lapping process include the lapping time, the load, the rotating speed of the lapping plate, and etc. SFAP of 800# SiC abrasive used, Experimental results indicate that SFAP can avoid the large scratch effectively and the surface roughness (Ra) of the workpiece could be improved from 250 nm to 50 nm in 12 Min. A nearly mirror-like surface can be obtained.