This paper deals with the machining of quartz wafers using an MCF (Magnetic Compound Fluid) polishing liquid, frozen with liquid nitrogen. This type of polishing liquid is composed of water-based MF (Magnetic Fluid), iron powder, abrasive particle and α-cellulose, and consequently reacting to magnetic fields. Experiments of polishing quartz wafers using the MCF method were carried out on a previously developed apparatus. The results show that an MCF polishing liquid, frozen with liquid nitrogen, has greater material removal capability than one that has not been frozen. A frozen MCF polishing liquid containing larger abrasive particles yields a higher material removal rate, however the surface roughness deteriorates. The highest material removal rate and the best surface roughness were obtained when the percentage of water, in the frozen MCF polishing tool, was 34.7%.