This paper proposes a new magnetic field assisted machining process using a magnetic machining jig (permanent magnet tool) to finish the internal surface of thick tubing 5~30 mm in thickness. Because the magnetic machining jig consists of permanent magnets, it can generate a higher magnetic force (finishing force) than conventional magnetic abrasives, and makes possible the internal finishing of thick non-ferromagnetic tubing. First, the principle and the feature of this process were examined. It was compared that the difference of the mechanism of using the conventional magnetic abrasives and magnetic machining jig (magnet tool) was clarified. Next, a processing unit and magnetic machining jig were made, and the processing unit was set on a lathe machine. An experiment was performed on a thick SUS304 stainless steel tubing 5 mm in thickness. In this study, it was clarified that this processing method can improve the roundness of the inside tubing while improving the surface roughness. The results showed that the initial surface roughness of 6.5 μm Ra can be improved to 0.06 μm Ra, and the roundness of the inside tubing can be improved from 187 μm to 89 μm.